Connors Investor Services Inc. Invests $13.90 Million in Bank of America Co. (NYSE:BAC)

Connors Investor Services Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 366,450 shares of the financial services provider’s stock, valued at approximately $13,896,000. Bank of America makes up 1.5% of Connors Investor Services Inc.’s investment portfolio, making the stock its 29th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Joel Isaacson & Co. LLC raised its holdings in Bank of America by 0.3% in the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares during the period. CKW Financial Group raised its holdings in Bank of America by 1.5% in the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 300 shares during the period. Rossmore Private Capital raised its holdings in Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the period. Chemistry Wealth Management LLC raised its holdings in Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares during the period. Finally, Regent Peak Wealth Advisors LLC raised its holdings in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.3 %

BAC traded down $0.11 on Friday, hitting $42.90. The company had a trading volume of 43,902,967 shares, compared to its average volume of 37,118,136. The company has a market cap of $335.49 billion, a PE ratio of 14.84, a PEG ratio of 1.63 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s fifty day simple moving average is $40.12 and its 200 day simple moving average is $36.99.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the business posted $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.24 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.24%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 24,984,363 shares of company stock worth $1,089,448,152 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday. Finally, Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.92.

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.