Bank of America Corporation $BAC Stock Holdings Trimmed by Hartford Investment Management Co.

Key Points

• Hartford Investment Management Co. trimmed its Bank of America stake by 2.8% in the fourth quarter, leaving it with 388,385 shares valued at about $21.4 million.
• Bank of America reported better-than-expected first-quarter results, posting EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% from a year earlier.
• Analyst sentiment remains constructive: the stock has an average Moderate Buy rating with a $61.06 target price, and the company also announced a quarterly dividend of $0.28 per share payable June 26.

Hartford Investment Management Co. cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 388,385 shares of the financial services provider's stock after selling 11,071 shares during the quarter. Bank of America makes up 0.6% of Hartford Investment Management Co.'s portfolio, making the stock its 22nd largest holding. Hartford Investment Management Co.'s holdings in Bank of America were worth $21,361,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Argos Wealth Advisors LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $407,000. Shade Tree Advisors LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $229,000. Meridian Wealth Management LLC grew its holdings in shares of Bank of America by 11.1% during the fourth quarter. Meridian Wealth Management LLC now owns 64,761 shares of the financial services provider's stock valued at $3,562,000 after purchasing an additional 6,453 shares during the last quarter. HighPoint Advisor Group LLC grew its holdings in shares of Bank of America by 0.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 164,271 shares of the financial services provider's stock valued at $9,035,000 after purchasing an additional 936 shares during the last quarter. Finally, Versor Investments LP grew its holdings in shares of Bank of America by 196.8% during the fourth quarter. Versor Investments LP now owns 27,900 shares of the financial services provider's stock valued at $1,534,000 after purchasing an additional 18,500 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. This trade represents a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BAC shares. Argus upped their target price on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, April 16th. TD Cowen reduced their price objective on Bank of America from $66.00 to $64.00 and set a "buy" rating for the company in a research report on Thursday, January 15th. Robert W. Baird boosted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Finally, HSBC boosted their price objective on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Stock Performance

BAC opened at $50.80 on Wednesday. The company has a market capitalization of $360.54 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1-year low of $42.35 and a 1-year high of $57.55. The business has a 50 day moving average price of $50.42 and a two-hundred day moving average price of $52.49.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. Research analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America was identified as one of the leaders in first-quarter bank stock repurchases, with a 1.9% reduction in shares outstanding, highlighting strong capital returns and supporting EPS growth. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Positive Sentiment: A new report says Bank of America’s Bay Area franchise is seeing strong growth even as new competitors enter the market, suggesting the bank continues to expand in an important region. Bank of America chalks up strong Bay Area growth even as new rivals pounce
• Positive Sentiment: Earlier commentary noted Bank of America analysts have been constructive on several financial and fintech names after earnings, which can reinforce sentiment around BAC’s own research franchise and trading/markets influence. Bank of America reboots Affirm stock price target after earnings
• Neutral Sentiment: Bank of America Securities’ India unit settled an insider-trading-related case with SEBI, resolving a regulatory issue but likely not a major near-term driver for the parent company’s stock. BofA Securities settles insider trading case with Sebi

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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