Bank of America Co. (NYSE:BAC) Shares Sold by DORCHESTER WEALTH MANAGEMENT Co

DORCHESTER WEALTH MANAGEMENT Co decreased its position in shares of Bank of America Co. (NYSE:BAC) by 36.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,641 shares of the financial services provider’s stock after selling 12,245 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of America were worth $859,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Global Assets Advisory LLC acquired a new position in shares of Bank of America in the first quarter worth $1,682,000. Atlas Capital Advisors LLC boosted its holdings in Bank of America by 39.5% in the first quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 1,200 shares during the period. Brookstone Capital Management grew its stake in Bank of America by 9.1% during the 1st quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock worth $6,669,000 after purchasing an additional 14,627 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in Bank of America by 16.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock worth $2,420,000 after purchasing an additional 9,191 shares during the period. Finally, Thrive Wealth Management LLC raised its position in Bank of America by 10.1% in the 1st quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 1,036 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley increased their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Price Performance

NYSE:BAC traded down $0.09 during mid-day trading on Thursday, hitting $42.25. 6,272,930 shares of the company’s stock traded hands, compared to its average volume of 38,583,527. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a market cap of $330.41 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 firm’s 50 day simple moving average is $40.11 and its 200 day simple moving average is $39.53.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. Sell-side analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its Board of Directors has authorized a stock repurchase 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 purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,863,500 shares of company stock valued at $5,363,830,468. 0.29% of the stock is owned by insiders.

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.