Hartford Investment Management Co. Decreases Position in Bank of America Co. (NYSE:BAC)

Hartford Investment Management Co. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 463,508 shares of the financial services provider’s stock after selling 9,129 shares during the quarter. Bank of America makes up approximately 0.6% of Hartford Investment Management Co.’s portfolio, making the stock its 28th biggest position. Hartford Investment Management Co.’s holdings in Bank of America were worth $15,606,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC acquired a new position in Bank of America during the first quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of America during the first quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC increased its position in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BAC shares. Oppenheimer dropped their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Wells Fargo & Company boosted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Barclays upped their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Get Our Latest Report on Bank of America

Bank of America Stock Up 0.6 %

BAC traded up $0.24 on Wednesday, reaching $37.54. The company’s stock had a trading volume of 18,350,811 shares, compared to its average volume of 40,559,055. The stock has a market cap of $296.21 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50 day moving average is $34.89 and its 200 day moving average is $31.57.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter last year, the business posted $0.85 EPS. Bank of America’s quarterly revenue was down 10.2% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.1 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 31.27%.

Bank of America Company Profile

(Free Report)

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.

See Also

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 Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.