Forte Capital LLC ADV Sells 786 Shares of Bank of America Co. (NYSE:BAC)

Forte Capital LLC ADV lessened its holdings in Bank of America Co. (NYSE:BAC) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in Bank of America during the third quarter valued at $25,000. Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 98.1% during 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 purchasing an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC grew its holdings in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its position in shares of Bank of America by 34.0% during the fourth 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 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 on Friday, reaching $37.25. The company had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The firm’s 50-day moving average price is $36.46 and its two-hundred day moving average price is $33.08. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The firm has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.65 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analysts Set New Price Targets

Several analysts have commented on BAC shares. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. BMO Capital Markets boosted their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.