Capital Investment Counsel Inc Sells 1,576 Shares of Bank of America Co. (NYSE:BAC)

Capital Investment Counsel Inc reduced its position in Bank of America Co. (NYSE:BAC) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,766 shares of the financial services provider’s stock after selling 1,576 shares during the quarter. Capital Investment Counsel Inc’s holdings in Bank of America were worth $3,628,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc grew 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 purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $32,000. ZRC Wealth Management LLC lifted its stake 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 acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC lifted its stake 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 acquiring an additional 325 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods boosted their target price on 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. Oppenheimer cut their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Finally, Barclays upped their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

BAC traded up $0.18 during trading hours on Monday, reaching $38.01. The company’s stock had a trading volume of 3,994,044 shares, compared to its average volume of 40,970,129. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The company’s 50-day moving average is $36.13 and its 200-day moving average is $32.80. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $299.92 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm 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 for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.