Twin Lakes Capital Management LLC Has $42,000 Stake in Bank of America Co. (NYSE:BAC)

Twin Lakes Capital Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,066 shares of the financial services provider’s stock after selling 219 shares during the period. Twin Lakes Capital Management LLC’s holdings in Bank of America were worth $42,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC grew its stake 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 acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth $29,000. Christopher J. Hasenberg Inc raised its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Finally, TruNorth Capital Management LLC boosted its holdings in Bank of America by 740.7% in the 2nd quarter. TruNorth Capital Management LLC now owns 1,135 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Trading Down 1.8 %

Shares of BAC opened at $45.93 on Tuesday. The stock’s fifty day simple moving average is $43.87 and its 200-day simple moving average is $41.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $352.42 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 12-month low of $30.45 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Oppenheimer upped 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. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. Finally, Piper Sandler raised their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

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.