DORCHESTER WEALTH MANAGEMENT Co Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

DORCHESTER WEALTH MANAGEMENT Co lowered its stake in Bank of America Co. (NYSE:BAC) by 3.1% during the 4th quarter, Holdings Channel reports. The firm owned 37,232 shares of the financial services provider’s stock after selling 1,210 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of America were worth $1,254,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Moneta Group Investment Advisors LLC increased its holdings in shares of Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Norges Bank bought a new position in Bank of America during the 4th quarter valued at about $3,436,543,000. Northern Trust Corp grew its holdings in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares during the last quarter. Barclays PLC grew its holdings in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock traded up $0.24 during midday trading on Wednesday, hitting $37.54. 10,540,102 shares of the stock traded hands, compared to its average volume of 40,425,855. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $296.21 billion, a P/E ratio of 12.15, a PEG ratio of 1.73 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The stock’s fifty day simple moving average is $34.89 and its 200-day simple moving average is $31.57.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the firm posted $0.85 earnings per share. On average, analysts expect that Bank of America Co. will post 3.1 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. HSBC reissued a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Oppenheimer cut their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.15.

Read Our Latest Research Report on Bank of America

About Bank of America

(Free Report)

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.

Featured Stories

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 Co. (NYSE:BACFree Report).

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.