Connecticut Wealth Management LLC Has $1.72 Million Stake in Bank of America Co. (NYSE:BAC)

Connecticut Wealth Management LLC reduced its position in Bank of America Co. (NYSE:BAC) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,043 shares of the financial services provider’s stock after selling 3,782 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Bank of America were worth $1,719,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TCG Advisory Services LLC increased its stake in Bank of America by 733.2% in the fourth quarter. TCG Advisory Services LLC now owns 133,095 shares of the financial services provider’s stock valued at $4,481,000 after acquiring an additional 117,121 shares during the last quarter. Royal Fund Management LLC increased its stake in shares of Bank of America by 7.7% in the 4th quarter. Royal Fund Management LLC now owns 9,118 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 655 shares during the last quarter. AJOVista LLC acquired a new position in shares of Bank of America during the 4th quarter worth $253,000. Baxter Bros Inc. lifted its position in shares of Bank of America by 0.5% during the 4th quarter. Baxter Bros Inc. now owns 110,994 shares of the financial services provider’s stock worth $3,737,000 after buying an additional 557 shares during the last quarter. Finally, Provence Wealth Management Group boosted its stake in Bank of America by 14.9% in the fourth quarter. Provence Wealth Management Group now owns 23,099 shares of the financial services provider’s stock valued at $778,000 after buying an additional 2,997 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC traded up $0.37 during trading hours on Friday, reaching $37.25. 34,082,662 shares of the company were exchanged, compared to its average volume of 41,339,492. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The business’s 50 day simple moving average is $36.46 and its 200-day simple moving average is $33.08. The stock has a market capitalization of $291.31 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.65 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BAC shares. Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. 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 note on Tuesday, January 16th. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Wells Fargo & Company upped 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.70.

Bank of America Profile

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.