Coastline Trust Co Sells 15,504 Shares of Bank of America Co. (NYSE:BAC)

Coastline Trust Co decreased its position in shares of Bank of America Co. (NYSE:BAC) by 27.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,724 shares of the financial services provider’s stock after selling 15,504 shares during the period. Coastline Trust Co’s holdings in Bank of America were worth $1,656,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the 2nd quarter valued at $30,000. Finally, Clearstead Trust LLC grew its position in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $46.75 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $358.71 billion, a PE ratio of 17.00, a P/E/G ratio of 1.55 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.22 and a 12 month high of $46.84. The stock has a fifty day moving average price of $41.49 and a 200-day moving average price of $40.33.

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. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently disclosed 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insiders Place Their Bets

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the completion of the sale, the insider now directly owns 921,706,667 shares in the company, valued at approximately $36,674,708,279.93. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Oppenheimer lifted their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. 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. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. Finally, Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.