Dupont Capital Management Corp Trims Position in Bank of America Co. (NYSE:BAC)

Dupont Capital Management Corp trimmed its holdings in Bank of America Co. (NYSE:BACFree Report) by 8.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 389,427 shares of the financial services provider’s stock after selling 35,262 shares during the period. Bank of America accounts for approximately 1.1% of Dupont Capital Management Corp’s portfolio, making the stock its 26th largest position. Dupont Capital Management Corp’s holdings in Bank of America were worth $13,112,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Moneta Group Investment Advisors LLC raised its holdings in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after buying an additional 192,989,515 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at about $3,436,543,000. Northern Trust Corp raised its holdings in shares of Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares during the last quarter. Barclays PLC raised its holdings in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Citigroup increased their price target 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. Barclays increased their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Oppenheimer cut their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Read Our Latest Analysis on BAC

Bank of America Stock Down 0.6 %

BAC stock opened at $37.30 on Wednesday. The company’s 50 day simple moving average is $34.80 and its 200-day simple moving average is $31.51. The firm has a market capitalization of $294.32 billion, a PE ratio of 12.15, a P/E/G ratio of 1.73 and a beta of 1.39. Bank of America Co. has a 12 month low of $24.96 and a 12 month 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.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. During the same period in the prior year, the business earned $0.85 earnings per share. The company’s quarterly revenue was down 10.2% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.1 earnings per share 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. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. Bank of America’s dividend payout ratio (DPR) is currently 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.

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

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