Bank of America Co. (NYSE:BAC) Shares Sold by Forte Capital LLC ADV

Forte Capital LLC ADV lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,361 shares of the financial services provider’s stock after selling 786 shares during the quarter. Forte Capital LLC ADV’s holdings in Bank of America were worth $551,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Total Clarity Wealth Management Inc. increased its position in Bank of America by 26.2% during the third quarter. Total Clarity Wealth Management Inc. now owns 14,083 shares of the financial services provider’s stock worth $386,000 after buying an additional 2,927 shares during the period. Kennedy Investment Group raised its position in Bank of America by 2.5% in the 3rd quarter. Kennedy Investment Group now owns 57,686 shares of the financial services provider’s stock valued at $1,579,000 after purchasing an additional 1,398 shares during the last quarter. Jacobsen Capital Management boosted its stake in Bank of America by 12.8% during the 3rd quarter. Jacobsen Capital Management now owns 7,989 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 907 shares during the period. Godsey & Gibb Inc. increased its stake in Bank of America by 44.5% in the third quarter. Godsey & Gibb Inc. now owns 6,515 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 2,007 shares during the period. Finally, Stone Point Wealth LLC raised its holdings in shares of Bank of America by 9.0% in the third quarter. Stone Point Wealth LLC now owns 12,066 shares of the financial services provider’s stock valued at $330,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.0 %

Shares of Bank of America stock traded up $0.37 during trading hours on Friday, reaching $37.25. 34,082,662 shares of the company’s stock were exchanged, compared to its average volume of 41,339,492. The company has a fifty day moving average of $36.46 and a 200-day moving average of $33.08. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The firm has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 prior year, the firm posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Oppenheimer lifted their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $38.70.

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.