Coastwise Capital Group LLC Has $1.63 Million Stock Position in Bank of America Co. (NYSE:BAC)

Coastwise Capital Group LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 4.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,046 shares of the financial services provider’s stock after buying an additional 1,619 shares during the quarter. Bank of America makes up 1.3% of Coastwise Capital Group LLC’s holdings, making the stock its 17th biggest holding. Coastwise Capital Group LLC’s holdings in Bank of America were worth $1,629,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Longfellow Investment Management Co. LLC lifted its stake in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. lifted its stake in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares during the last quarter. McAdam LLC boosted its holdings in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its position in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the last quarter. Finally, BTC Capital Management Inc. increased its holdings in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BAC. Oppenheimer lifted their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, September 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.82.

Bank of America Stock Performance

BAC opened at $47.51 on Monday. Bank of America Co. has a 1-year low of $30.04 and a 1-year high of $48.08. The company has a market cap of $364.54 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 1.61 and a beta of 1.32. The company’s fifty day moving average price is $43.02 and its two-hundred day moving average price is $41.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. On average, analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.