Bank of America Co. (NYSE:BAC) Stock Holdings Lifted by Tidemark LLC

Tidemark LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 29.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,703 shares of the financial services provider’s stock after acquiring an additional 835 shares during the period. Tidemark LLC’s holdings in Bank of America were worth $147,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.9 %

Shares of Bank of America stock opened at $46.75 on Monday. The company’s fifty day moving average price is $41.49 and its two-hundred day moving average price is $40.37. The firm has a market capitalization of $358.71 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. Bank of America Co. has a 52-week low of $29.22 and a 52-week high of $46.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the sale, the insider now owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 102,848,970 shares of company stock valued at $4,145,103,288 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on BAC shares. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Oppenheimer lifted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

About Bank of America

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.