In its latest 13F filing for the third quarter, IMS Investment Management Services Ltd. reduced its position in Bank of America Corporation by 48.7%, selling 25,965 shares and ending the period with 27,317 shares. The divestiture lowered the firm’s BAC holdings to a value of approximately $1.409 million as of the filing date, reflecting a strategic repositioning by the institutional investor over the quarter.

Several other major investors also adjusted their Bank of America stakes recently. Brighton Jones LLC increased its holdings by 30.0% in the fourth quarter to 108,872 shares, valued at $4.785 million. Quarry LP initiated a new position in the first quarter worth roughly $512,000. First Financial Bankshares Inc. expanded its stake by 14.7% to 1,663,914 shares (approximately $69.435 million), while Focus Partners Advisor Solutions LLC added 14,612 shares (a 12.0% rise) for a total of 136,846 shares ($5.71 million). Maverick Capital Ltd. also entered with a new $152.098 million position in the first quarter. Collectively, institutional investors and hedge funds now control 70.71% of BAC’s outstanding shares.

On October 15, Bank of America reported third-quarter earnings of $1.06 per share, beating the consensus estimate of $0.93 by $0.13. Revenue increased 10.8% year-over-year, while the firm achieved a net margin of 15.70% and a return on equity of 10.76%. The bank also declared a quarterly dividend of $0.28 per share, paid December 26, yielding 2.0% on an annualized basis. Shareholders of record as of December 5 received the payout, which represents a 30.52% dividend-payout ratio under current earnings levels.