Essex Savings Bank Has $591,000 Position in Bank of America Co. (NYSE:BAC)

Essex Savings Bank lifted its holdings in Bank of America Co. (NYSE:BAC) by 20.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,548 shares of the financial services provider’s stock after acquiring an additional 3,030 shares during the period. Essex Savings Bank’s holdings in Bank of America were worth $591,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Roundview Capital LLC grew its stake in shares of Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after acquiring an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P lifted its position in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC lifted its position in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank bought a new stake in Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC bought a new stake in Bank of America during the first quarter worth about $534,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Oppenheimer cut their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets dropped their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Get Our Latest Analysis on Bank of America

Bank of America Trading Down 0.2 %

NYSE BAC traded down $0.09 during trading hours on Tuesday, reaching $37.43. The company’s stock had a trading volume of 10,225,471 shares, compared to its average volume of 40,506,770. The stock has a market cap of $295.35 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.75 and a beta of 1.39. The firm has a fifty day simple moving average of $34.80 and a 200-day simple moving average of $31.51. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given 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 of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 31.27%.

About Bank of America

(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.

Further Reading

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

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