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

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Hartford Investment Management Co. lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,260,626 shares of the financial services provider’s stock after selling 49,870 shares during the period. Bank of America accounts for approximately 1.0% of Hartford Investment Management Co.’s portfolio, making the stock its 17th biggest holding. Hartford Investment Management Co.’s holdings in Bank of America were worth $36,558,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Squar Milner Financial Services LLC raised its holdings in shares of Bank of America by 1.3% in the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 348 shares during the period. Barber Financial Group Inc. raised its holdings in shares of Bank of America by 2.1% in the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV raised its holdings in shares of Bank of America by 9.7% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 360 shares during the period. Kistler Tiffany Companies LLC raised its holdings in shares of Bank of America by 2.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 365 shares during the period. Finally, Cahill Financial Advisors Inc. raised its holdings in shares of Bank of America by 4.1% in the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 369 shares during the period. 68.23% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:BAC opened at $28.34 on Monday. The stock has a market cap of $273.48 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.15 and a beta of 1.54. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91. The company’s 50-day moving average is $29.22.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. Equities research analysts expect that Bank of America Corp will post 2.83 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a dividend of $0.18 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

A number of equities analysts have recently commented on BAC shares. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a report on Monday, June 17th. Berenberg Bank set a $30.00 price objective on Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a report on Tuesday, April 30th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus target price of $33.02.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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