Bank of America Co. (NYSE:BAC) Shares Sold by Borer Denton & Associates Inc.

Borer Denton & Associates Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 197,546 shares of the financial services provider’s stock after selling 981 shares during the quarter. Bank of America comprises 3.0% of Borer Denton & Associates Inc.’s holdings, making the stock its 15th largest position. Borer Denton & Associates Inc.’s holdings in Bank of America were worth $8,682,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth about $606,000. Larson Financial Group LLC grew its position in shares of Bank of America by 18.0% in the third quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 1,583 shares during the period. Douglass Winthrop Advisors LLC raised its stake in Bank of America by 19.2% during the third quarter. Douglass Winthrop Advisors LLC now owns 7,116 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 1,144 shares during the period. Finally, Harvest Fund Management Co. Ltd raised its stake in shares of Bank of America by 48.4% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 4,837 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Performance

NYSE:BAC opened at $43.31 on Wednesday. The business’s fifty day moving average price is $44.72 and its 200 day moving average price is $43.87. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $329.28 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

About Bank of America

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.