Bank of America Co. (NYSE:BAC) Shares Sold by Dover Advisors LLC

Dover Advisors LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,495 shares of the financial services provider’s stock after selling 650 shares during the period. Dover Advisors LLC’s holdings in Bank of America were worth $417,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BAC. Colonial River Investments LLC raised its position in shares of Bank of America by 3.4% in the 4th quarter. Colonial River Investments LLC now owns 42,610 shares of the financial services provider’s stock valued at $1,873,000 after purchasing an additional 1,404 shares in the last quarter. Boothe Investment Group Inc. increased its stake in shares of Bank of America by 0.4% in the fourth quarter. Boothe Investment Group Inc. now owns 172,314 shares of the financial services provider’s stock worth $7,573,000 after buying an additional 663 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Bank of America by 93.2% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 143,203 shares of the financial services provider’s stock valued at $6,294,000 after acquiring an additional 69,067 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Bank of America during the 4th quarter valued at $2,874,000. Finally, World Equity Group Inc. grew its holdings in Bank of America by 0.4% during the 4th quarter. World Equity Group Inc. now owns 59,151 shares of the financial services provider’s stock worth $2,600,000 after acquiring an additional 240 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

NYSE:BAC opened at $44.80 on Monday. 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. 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 1 year low of $33.37 and a 1 year high of $48.08. The business has a fifty day moving average of $45.75 and a 200-day moving average of $43.41.

Bank of America (NYSE:BAC) last announced its earnings results 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. 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company 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 dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Finally, Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.