Coastwise Capital Group LLC Buys 1,153 Shares of Bank of America Corporation $BAC

Coastwise Capital Group LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,090 shares of the financial services provider’s stock after acquiring an additional 1,153 shares during the quarter. Bank of America accounts for 1.1% of Coastwise Capital Group LLC’s holdings, making the stock its 24th biggest position. Coastwise Capital Group LLC’s holdings in Bank of America were worth $1,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Centurion Wealth Management LLC increased its stake in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Cape Investment Advisory Inc. increased its stake in shares of Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the last quarter. Menard Financial Group LLC increased its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 240 shares during the last quarter. Finally, Maia Wealth LLC increased its stake in shares of Bank of America by 1.4% in the 1st quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider’s stock valued at $723,000 after acquiring an additional 240 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Trading Up 0.3%

NYSE BAC opened at $52.27 on Friday. The stock has a 50 day moving average of $48.55 and a 200-day moving average of $44.53. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.66. The company has a market cap of $387.16 billion, a PE ratio of 15.28, a PEG ratio of 2.03 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm posted $0.83 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Wells Fargo & Company upped their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Robert W. Baird reissued a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Citigroup increased their target price on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.82.

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.