Bank of America Co. (NYSE:BAC) Shares Sold by Hendershot Investments Inc.

Hendershot Investments Inc. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 27,370 shares of the financial services provider’s stock after selling 1,250 shares during the quarter. Hendershot Investments Inc.’s holdings in Bank of America were worth $1,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Forbes J M & Co. LLP grew its stake in Bank of America by 0.4% in the 4th quarter. Forbes J M & Co. LLP now owns 437,909 shares of the financial services provider’s stock worth $19,246,000 after acquiring an additional 1,672 shares during the period. D Orazio & Associates Inc. lifted its stake in shares of Bank of America by 10.4% during the 4th quarter. D Orazio & Associates Inc. now owns 6,775 shares of the financial services provider’s stock worth $298,000 after purchasing an additional 639 shares during the period. Kingsview Wealth Management LLC boosted its holdings in shares of Bank of America by 1.5% during the fourth quarter. Kingsview Wealth Management LLC now owns 113,980 shares of the financial services provider’s stock worth $5,009,000 after purchasing an additional 1,719 shares during the last quarter. Apollon Wealth Management LLC grew its position in shares of Bank of America by 10.3% in the fourth quarter. Apollon Wealth Management LLC now owns 161,375 shares of the financial services provider’s stock valued at $7,092,000 after purchasing an additional 15,073 shares during the period. Finally, Unison Asset Management LLC increased its stake in Bank of America by 2.5% in the fourth quarter. Unison Asset Management LLC now owns 170,959 shares of the financial services provider’s stock valued at $7,514,000 after purchasing an additional 4,241 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup raised 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 note on Friday, November 8th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, Evercore ISI cut their target price on 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of BAC stock opened at $47.43 on Friday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market capitalization of $363.89 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $45.77 and a 200-day simple moving average of $42.92.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio is presently 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.