Maiden Cove Capital LLC Takes $610,000 Position in Bank of America Co. (NYSE:BAC)

Maiden Cove Capital LLC bought a new position in Bank of America Co. (NYSE:BAC) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 15,256 shares of the financial services provider’s stock, valued at approximately $610,000. Bank of America accounts for about 1.2% of Maiden Cove Capital LLC’s investment portfolio, making the stock its 22nd biggest holding.

A number of other large investors have also recently made changes to their positions in the stock. Tyler Stone Wealth Management raised its stake in Bank of America by 104.7% during the 3rd quarter. Tyler Stone Wealth Management now owns 56,579 shares of the financial services provider’s stock worth $2,245,000 after acquiring an additional 28,935 shares during the period. Baker Avenue Asset Management LP increased its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Colonial River Investments LLC raised its position in shares of Bank of America by 73.5% during the 3rd quarter. Colonial River Investments LLC now owns 41,206 shares of the financial services provider’s stock valued at $1,635,000 after purchasing an additional 17,462 shares during the period. Axxcess Wealth Management LLC lifted its stake in shares of Bank of America by 7.9% during the 3rd quarter. Axxcess Wealth Management LLC now owns 196,761 shares of the financial services provider’s stock valued at $7,807,000 after buying an additional 14,407 shares in the last quarter. Finally, Alan B Lancz & Associates Inc. boosted its holdings in Bank of America by 8.9% in the 3rd quarter. Alan B Lancz & Associates Inc. now owns 16,528 shares of the financial services provider’s stock worth $656,000 after buying an additional 1,350 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BAC shares. Barclays upped their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI raised their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $43.69.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now directly owns 937,246,053 shares in the company, valued at $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 0.8 %

Shares of BAC traded up $0.36 during trading hours on Friday, reaching $45.13. 38,331,814 shares of the company traded hands, compared to its average volume of 36,782,108. The firm has a market cap of $346.28 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.54 and a beta of 1.32. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $45.55. The stock’s fifty day moving average price is $40.90 and its 200 day moving average price is $40.04. 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 issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 the consensus estimate 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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

Bank of America Company 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.