Dupont Capital Management Corp Has $13.11 Million Stock Position in Bank of America Co. (NYSE:BAC)

Dupont Capital Management Corp decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 8.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 389,427 shares of the financial services provider’s stock after selling 35,262 shares during the period. Bank of America makes up 1.1% of Dupont Capital Management Corp’s holdings, making the stock its 26th biggest holding. Dupont Capital Management Corp’s holdings in Bank of America were worth $13,112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Private Ocean LLC lifted its position in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. My Personal CFO LLC acquired a new position in Bank of America during the 4th quarter valued at about $237,000. Bell Bank lifted its position in Bank of America by 12.4% during the 4th quarter. Bell Bank now owns 15,753 shares of the financial services provider’s stock valued at $530,000 after purchasing an additional 1,739 shares during the period. State of Michigan Retirement System lifted its position in Bank of America by 4.5% during the 4th quarter. State of Michigan Retirement System now owns 1,981,212 shares of the financial services provider’s stock valued at $66,707,000 after purchasing an additional 86,000 shares during the period. Finally, Drive Wealth Management LLC lifted its position in Bank of America by 17.7% during the 4th quarter. Drive Wealth Management LLC now owns 20,566 shares of the financial services provider’s stock valued at $692,000 after purchasing an additional 3,087 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

Check Out Our Latest Stock Analysis on BAC

Bank of America Price Performance

Shares of BAC opened at $37.30 on Wednesday. The stock has a market capitalization of $294.32 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.73 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a 50 day moving average of $34.80 and a 200-day moving average of $31.51. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, February 29th. Bank of America’s 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.

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

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