Courier Capital LLC Sells 358 Shares of Bank of America Co. (NYSE:BAC)

Courier Capital LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 142,972 shares of the financial services provider’s stock after selling 358 shares during the period. Courier Capital LLC’s holdings in Bank of America were worth $4,814,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fortis Group Advisors LLC bought a new position in shares of Bank of America in the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc lifted its stake 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 during the last quarter. Castleview Partners LLC bought a new position in shares of Bank of America in the 1st quarter valued at $28,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Bank of America in the 1st quarter valued at $34,000. Finally, ZRC Wealth Management LLC lifted its stake 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 during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $37.83 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The business has a 50-day moving average price of $34.35 and a two-hundred day moving average price of $31.26. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $37.85. The company has a market cap of $298.50 billion, a P/E ratio of 12.32, a PEG ratio of 1.70 and a beta of 1.38.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same period last year, the business posted $0.85 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is presently 31.27%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group increased their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Oppenheimer dropped their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Finally, BMO Capital Markets lowered their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.65.

About Bank of America

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.