Bank of America Co. (NYSE:BAC) Shares Purchased by Tidemark LLC

Tidemark LLC raised its stake in Bank of America Co. (NYSE:BAC) by 29.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 institutional investors also recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC boosted its position in Bank of America by 22.1% during the 3rd quarter. Cassaday & Co Wealth Management LLC now owns 26,992 shares of the financial services provider’s stock valued at $1,071,000 after purchasing an additional 4,878 shares during the period. Capital City Trust Co. FL lifted its stake in Bank of America by 232.3% in the third quarter. Capital City Trust Co. FL now owns 24,283 shares of the financial services provider’s stock valued at $964,000 after buying an additional 16,975 shares during the last quarter. Braun Stacey Associates Inc. boosted its holdings in shares of Bank of America by 0.6% during the third quarter. Braun Stacey Associates Inc. now owns 683,567 shares of the financial services provider’s stock valued at $27,124,000 after acquiring an additional 4,340 shares during the period. GLOBALT Investments LLC GA grew its position in shares of Bank of America by 3.4% during the third quarter. GLOBALT Investments LLC GA now owns 238,096 shares of the financial services provider’s stock worth $9,448,000 after acquiring an additional 7,751 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth about $1,516,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods lifted their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Activity at Bank of America

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

Bank of America Stock Up 1.9 %

Shares of Bank of America stock opened at $46.75 on Monday. Bank of America Co. has a 12-month low of $29.22 and a 12-month high of $46.84. 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. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s fifty day moving average is $41.49 and its 200-day moving average is $40.37.

Bank of America (NYSE:BAC) last issued its quarterly 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. Bank of America’s revenue was up .4% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is currently 37.82%.

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

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.