Bank of America Corporation (NYSE:BAC) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 10.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 117,599 shares of the financial services provider's stock after selling 13,659 shares during the period. Essex Financial Services Inc.'s holdings in Bank of America were worth $4,907,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Piper Sandler dropped their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

Bank of America Trading Down 0.7%

NYSE BAC opened at $47.11 on Friday. The company has a market capitalization of $354.85 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The firm's fifty day moving average price is $43.31 and its 200 day moving average price is $43.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.