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

DORCHESTER WEALTH MANAGEMENT Co lessened its holdings in Bank of America Co. (NYSE:BAC) by 36.1% during the third quarter, HoldingsChannel.com reports. The fund owned 21,641 shares of the financial services provider’s stock after selling 12,245 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of America were worth $859,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Global Assets Advisory LLC acquired a new stake in shares of Bank of America in the first quarter valued at about $1,682,000. Atlas Capital Advisors LLC grew its position 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 acquiring an additional 1,200 shares in the last quarter. Brookstone Capital Management grew its position in Bank of America by 9.1% in the first quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock valued at $6,669,000 after acquiring an additional 14,627 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in shares of Bank of America by 16.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock valued at $2,420,000 after purchasing an additional 9,191 shares during the period. Finally, Thrive Wealth Management LLC lifted its position in shares of Bank of America by 10.1% during the first quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 1,036 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded down $0.09 during trading hours on Thursday, hitting $42.25. 6,272,930 shares of the stock traded hands, compared to its average volume of 38,583,527. The stock has a 50-day simple moving average of $40.11 and a 200 day simple moving average of $39.53. The company has a market cap of $330.41 billion, a P/E ratio of 14.65, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business 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%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 35.99%.

Insider Activity

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 132,863,500 shares of company stock worth $5,363,830,468 in the last 90 days. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.