Fortitude Advisory Group L.L.C. Sells 2,357 Shares of Bank of America Co. (NYSE:BAC)

Fortitude Advisory Group L.L.C. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 8.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,119 shares of the financial services provider’s stock after selling 2,357 shares during the period. Fortitude Advisory Group L.L.C.’s holdings in Bank of America were worth $812,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Fortis Group Advisors LLC bought a new position in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in 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 purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC bought a new position in Bank of America in the 4th quarter valued at $32,000. ZRC Wealth Management LLC boosted its holdings in 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 purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its holdings in 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 purchasing an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.2 %

Bank of America stock traded down $0.06 during trading hours on Wednesday, hitting $36.95. The stock had a trading volume of 32,182,780 shares, compared to its average volume of 41,025,328. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $291.56 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The stock’s 50-day moving average price is $36.26 and its 200-day moving average price is $32.95.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during 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 for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.19 EPS 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 issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.60%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. 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 report on Tuesday, January 16th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Oppenheimer raised their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. BMO Capital Markets lifted their target price on shares of 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. Finally, Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock 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.