Bank of America Co. (NYSE:BAC) Shares Sold by Leisure Capital Management

Leisure Capital Management lessened its stake in Bank of America Co. (NYSE:BAC) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,563 shares of the financial services provider’s stock after selling 950 shares during the quarter. Leisure Capital Management’s holdings in Bank of America were worth $625,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $32,000. ZRC Wealth Management LLC lifted its position in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC lifted its position in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.08 during trading on Friday, hitting $37.83. 28,668,680 shares of the company’s stock traded hands, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s fifty day moving average price is $36.13 and its 200 day moving average price is $32.72. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a market cap of $298.50 billion, a PE ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.