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

Borer Denton & Associates Inc. decreased its stake in Bank of America Co. (NYSE:BAC) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 198,527 shares of the financial services provider’s stock after selling 7,100 shares during the period. Bank of America accounts for 2.7% of Borer Denton & Associates Inc.’s portfolio, making the stock its 16th largest position. Borer Denton & Associates Inc.’s holdings in Bank of America were worth $7,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC grew its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter valued at approximately $29,000. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc boosted its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.2 %

Shares of NYSE:BAC opened at $47.00 on Friday. The firm has a 50 day simple moving average of $42.24 and a 200 day simple moving average of $40.67. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.22. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $360.63 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer upped their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays boosted their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total value of $282,888,946.25. Following the transaction, the insider now directly owns 896,719,301 shares of the company’s stock, valued at $35,823,936,074.95. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock valued at $3,876,350,805 over the last three months. 0.29% of the stock is owned by corporate insiders.

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.