Bank of America Co. (NYSE:BAC) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its holdings in Bank of America Co. (NYSE:BAC) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 412,451 shares of the financial services provider’s stock after selling 12,443 shares during the quarter. Bank of America makes up approximately 0.6% of Hartford Investment Management Co.’s portfolio, making the stock its 25th largest holding. Hartford Investment Management Co.’s holdings in Bank of America were worth $18,127,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Collier Financial purchased a new position in Bank of America during the fourth quarter worth about $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC increased its position in Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $46.80 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $359.08 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company’s 50-day simple moving average is $45.77 and its 200-day simple moving average is $42.96.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. Equities analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

Several analysts have recently issued reports on BAC shares. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.