Borer Denton & Associates Inc. Has $7.88 Million Holdings in Bank of America Co. (NYSE:BAC)

Borer Denton & Associates Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 3.5% during the third quarter, according to the company in its most recent filing with the SEC. 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 about 2.7% of Borer Denton & Associates Inc.’s holdings, 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 SEC.

A number of other institutional investors have also made changes to their positions in BAC. Quent Capital LLC grew its stake in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 1,037 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new stake in Bank of America during the first quarter valued at about $237,000. Lavaca Capital LLC acquired a new stake in shares of Bank of America in the first quarter valued at about $211,000. Waterford Advisors LLC bought a new position in shares of Bank of America in the first quarter worth about $212,000. Finally, Waverly Advisors LLC lifted its position in shares of Bank of America by 3.0% during the 1st quarter. Waverly Advisors LLC now owns 197,024 shares of the financial services provider’s stock worth $7,471,000 after purchasing an additional 5,793 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,094,698 shares of company stock worth $3,876,350,805. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Oppenheimer upped their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Stock Performance

NYSE BAC opened at $47.00 on Friday. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. The company has a 50 day moving average of $42.24 and a 200-day moving average of $40.67. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $360.63 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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.