Hartford Funds Management Co LLC Reduces Stake in Bank of America Corporation $BAC

Key Points

• Hartford Funds Management Co LLC cut its stake in Bank of America by 65.5% in Q3, selling 19,614 shares and retaining 10,341 shares valued at about $534,000.
• Bank of America recently beat quarterly EPS estimates ($0.98 vs. $0.96), announced a quarterly dividend of $0.28 per share (2.3% yield, payable March 27, ex-dividend March 6), and carries an average analyst target of $60.30 with a majority of analysts rating the stock a Buy.

Hartford Funds Management Co LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 65.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,341 shares of the financial services provider's stock after selling 19,614 shares during the quarter. Hartford Funds Management Co LLC's holdings in Bank of America were worth $534,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Permanent Capital Management LP acquired a new position in Bank of America in the third quarter valued at $649,000. Meridian Wealth Management LLC increased its position in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock worth $3,008,000 after purchasing an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. increased its position in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock worth $32,482,000 after purchasing an additional 86,290 shares in the last quarter. World Equity Group Inc. lifted its holdings in shares of Bank of America by 21.8% in the 3rd quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider's stock valued at $3,779,000 after purchasing an additional 13,119 shares during the last quarter. Finally, AdvisorShares Investments LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at about $482,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analyst buy thesis: BAC is described as “slipping back into the buy zone” — trading at ~12.5x trailing earnings (below its 10-year average) with a multiyear tailwind from net interest margin expansion as low‑yielding assets reprice, supporting operating leverage and returns. Bank Of America: Slipping Back Into The 'Buy' Zone
• Positive Sentiment: Dividend & income angle: Coverage argues BAC remains attractive for dividend-seeking portfolios — an important point for income investors given the bank’s payout and current yield profile. Bank of America (BAC) Could Be a Great Choice
• Positive Sentiment: Wealth-management product expansion: Bank of America Private Bank launched an Art Consulting service — a niche revenue/relationship initiative that modestly diversifies fee income and deepens HNW client ties. Bank Of America Art Consulting Adds Dimension To Wealth And Valuation Story
• Neutral Sentiment: Underwriting / investment-banking activity: BofA Securities is lead in SM Energy’s $1bn senior notes offering — a reminder of recurring fee revenue from capital markets, but not large enough alone to swing BAC’s stock. Vinson & Elkins Advises Initial Purchasers on SM Energy’s $1 Billion Senior Notes Offering
• Neutral Sentiment: Shareholder / holdings disclosure: Galapagos filed transparency notices showing Bank of America entities crossed a reporting threshold — operational detail about holdings rather than a direct signal about BAC’s performance. Galapagos Receives Transparency Notifications from Bank of America
• Negative Sentiment: Geopolitical / market risk: BofA strategists warn that a prolonged U.S.–Iran war could push investors out of Europe and Japan into oil and the dollar — a macro shock that raises volatility and can hurt banks via risk‑off flows, trading losses, or credit stress. BofA’s Hartnett Sees European, Japanese Stocks at Risk From War
• Negative Sentiment: Market sentiment cooling: Coverage noting that recent BAC share momentum has cooled and valuation dynamics are being reassessed — this sort of reassessment can trigger short‑term selling even if fundamentals remain intact. Assessing Bank Of America (BAC) Valuation As Recent Share Momentum Cools
• Negative Sentiment: Sector rotation commentary: Bank of America research and market pieces (and consequent media coverage) around selling oil stocks and shifting sector preferences signal rotation and positioning changes that can temporarily depress financial shares amid heightened commodity and FX volatility. Bank of America (BAC) Is Telling Investors to Sell Oil Stocks as Crude Prices Soar. Here’s Why

Bank of America Price Performance

Bank of America stock opened at $48.68 on Monday. The company has a market cap of $349.36 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.19 and a beta of 1.28. Bank of America Corporation has a one year low of $33.06 and a one year high of $57.55. The business has a fifty day moving average of $53.27 and a two-hundred day moving average of $52.55. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.02. The business had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.82 EPS. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, March 6th. Bank of America's dividend payout ratio is presently 29.24%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Royal Bank Of Canada raised their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock an "outperform" rating in a research report on Friday, December 12th. HSBC increased their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a "hold" rating in a research note on Friday, February 6th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, January 27th. Barclays increased their price objective on Bank of America from $59.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Finally, JPMorgan Chase & Co. lifted their target price on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, January 6th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $60.30.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.30% of the company's stock.

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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