DORCHESTER WEALTH MANAGEMENT Co Decreases Stake in Bank of America Co. (NYSE:BAC)

DORCHESTER WEALTH MANAGEMENT Co lessened its stake in shares of Bank of America Co. (NYSE:BACFree Report) by 3.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 institutional investors and hedge funds have also recently bought and sold shares of the business. Fort Sheridan Advisors LLC raised its position in Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its position in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares during the last quarter. Private Ocean LLC raised its position in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. Selective Wealth Management Inc. increased its stake in Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after buying an additional 334 shares during the period. Finally, Fort Point Capital Partners LLC increased its stake in Bank of America by 2.2% in the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after buying an additional 336 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. Citigroup boosted their price objective 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. Oppenheimer dropped their price objective 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. Wells Fargo & Company upped their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.15.

Get Our Latest Stock Analysis on Bank of America

Bank of America Trading Up 0.6 %

NYSE BAC traded up $0.24 during mid-day trading on Wednesday, hitting $37.54. The company’s stock had a trading volume of 10,540,102 shares, compared to its average volume of 40,425,855. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35. The stock’s fifty day simple moving average is $34.89 and its two-hundred day simple moving average is $31.57. 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 capitalization of $296.21 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39.

Bank of America (NYSE:BACGet Free Report) last issued 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. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter last year, the company earned $0.85 earnings per share. Bank of America’s revenue for the quarter was down 10.2% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.1 EPS for the current year.

Bank of America Dividend Announcement

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

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.

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

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