Coastline Trust Co increased its position in shares of Bank of America Corp (NYSE:BAC) by 6.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,122 shares of the financial services provider’s stock after acquiring an additional 5,814 shares during the period. Coastline Trust Co’s holdings in Bank of America were worth $2,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in BAC. Garrett Wealth Advisory Group LLC bought a new position in Bank of America during the third quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in Bank of America by 195.6% during the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after buying an additional 880 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in Bank of America by 120.6% during the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after buying an additional 814 shares in the last quarter. WealthStone Inc. bought a new position in Bank of America during the second quarter valued at about $49,000. Finally, Ellevest Inc. bought a new position in Bank of America during the second quarter valued at about $60,000. Institutional investors and hedge funds own 68.52% of the company’s stock.

In other news, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

BAC has been the topic of several recent research reports. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a “buy” rating in a report on Tuesday, October 15th. Morgan Stanley cut their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Keefe, Bruyette & Woods lowered Bank of America from an “outperform” rating to a “market perform” rating and cut their target price for the company from $36.00 to $29.00 in a report on Thursday, September 5th. Finally, ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and a consensus price target of $32.32.

Shares of NYSE:BAC opened at $30.35 on Friday. The company has a market cap of $281.67 billion, a P/E ratio of 10.47, a P/E/G ratio of 1.19 and a beta of 1.60. The stock’s 50-day moving average is $28.85 and its 200-day moving average is $28.81. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.17. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $0.66 earnings per share. As a group, equities analysts predict that Bank of America Corp will post 2.87 EPS for the current year.

Bank of America announced that its board has authorized a share repurchase program on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Recommended Story: How Do Tariffs Affect Trade Balances?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.