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

DORCHESTER WEALTH MANAGEMENT Co lessened its holdings in Bank of America Co. (NYSE:BAC) by 4.6% during the fourth quarter, HoldingsChannel reports. The fund owned 20,641 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of America were worth $907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lansing Street Advisors increased its stake in Bank of America by 1.3% in the 4th quarter. Lansing Street Advisors now owns 23,374 shares of the financial services provider’s stock valued at $1,027,000 after buying an additional 294 shares during the last quarter. Howard Capital Management Inc. increased its stake in Bank of America by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 47,054 shares of the financial services provider’s stock valued at $2,068,000 after buying an additional 2,406 shares during the last quarter. WESPAC Advisors LLC increased its stake in Bank of America by 35.8% in the 4th quarter. WESPAC Advisors LLC now owns 19,035 shares of the financial services provider’s stock valued at $837,000 after buying an additional 5,013 shares during the last quarter. TCW Group Inc. increased its stake in Bank of America by 1.4% in the 4th quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider’s stock valued at $4,113,000 after buying an additional 1,301 shares during the last quarter. Finally, Fisher Funds Management LTD purchased a new stake in Bank of America in the 4th quarter valued at about $7,936,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BAC shares. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 1.1 %

NYSE:BAC opened at $44.80 on Friday. The company’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 52 week low of $33.37 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

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.