DORCHESTER WEALTH MANAGEMENT Co Has $907,000 Stake in Bank of America Co. (NYSE:BAC)

DORCHESTER WEALTH MANAGEMENT Co trimmed its holdings in Bank of America Co. (NYSE:BAC) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,641 shares of the financial services provider’s stock after selling 1,000 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of America were worth $907,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Collier Financial acquired a new position in Bank of America during the fourth quarter valued at approximately $25,000. Kennebec Savings Bank acquired a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC raised its position in Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.80 on Friday. The firm’s 50-day moving average price is $45.75 and its 200-day moving average price is $43.37. Bank of America Co. has a 1-year low of $33.37 and a 1-year high of $48.08. The firm has a market capitalization of $343.71 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.