Borer Denton & Associates Inc. Sells 981 Shares of Bank of America Co. (NYSE:BAC)

Borer Denton & Associates Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, Holdings Channel reports. The fund owned 197,546 shares of the financial services provider’s stock after selling 981 shares during the period. Bank of America makes up about 3.0% of Borer Denton & Associates Inc.’s portfolio, making the stock its 15th biggest position. Borer Denton & Associates Inc.’s holdings in Bank of America were worth $8,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC increased its stake in Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 361 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods raised their price target 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 raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. UBS Group raised 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 report on Tuesday, January 7th. Finally, Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Price Performance

Shares of NYSE:BAC opened at $43.31 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The firm’s fifty day moving average is $44.72 and its 200-day moving average is $43.87. The firm has a market cap 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 announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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