Miramar Capital LLC Has $364,000 Stock Position in Bank of America Co. (NYSE:BAC)

Miramar Capital LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 56.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 9,166 shares of the financial services provider’s stock after selling 12,048 shares during the period. Miramar Capital LLC’s holdings in Bank of America were worth $364,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Bank of America by 10.4% during the third quarter. Empowered Funds LLC now owns 249,733 shares of the financial services provider’s stock valued at $9,909,000 after buying an additional 23,617 shares during the last quarter. Empirical Finance LLC boosted its stake in Bank of America by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 242,022 shares of the financial services provider’s stock valued at $9,603,000 after purchasing an additional 4,794 shares during the last quarter. Black Diamond Financial LLC raised its stake in shares of Bank of America by 9.1% in the third quarter. Black Diamond Financial LLC now owns 25,135 shares of the financial services provider’s stock worth $997,000 after purchasing an additional 2,103 shares during the last quarter. First Business Financial Services Inc. lifted its holdings in shares of Bank of America by 5.5% in the third quarter. First Business Financial Services Inc. now owns 59,232 shares of the financial services provider’s stock valued at $2,350,000 after purchasing an additional 3,084 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Bank of America by 5.0% in the third quarter. CIBC Asset Management Inc now owns 1,206,890 shares of the financial services provider’s stock valued at $47,888,000 after purchasing an additional 57,020 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BAC shares. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Barclays increased their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Phillip Securities upgraded 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 report on Friday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,883,988 shares of company stock worth $4,344,741,752. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Up 1.9 %

Shares of BAC stock opened at $46.75 on Friday. Bank of America Co. has a 52-week low of $29.22 and a 52-week high of $46.84. The business’s fifty day moving average is $41.49 and its 200 day moving average is $40.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $358.71 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during 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%. Bank of America’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. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Bank of America 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.