DT Investment Partners LLC Trims Position in Bank of America Co. (NYSE:BAC)

DT Investment Partners LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 32.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,909 shares of the financial services provider’s stock after selling 4,859 shares during the quarter. DT Investment Partners LLC’s holdings in Bank of America were worth $436,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Two Sigma Advisers LP raised its holdings in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the last quarter. Swedbank AB raised its holdings in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after buying an additional 5,733,810 shares during the last quarter. KBC Group NV raised its holdings in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after buying an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on BAC. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 0.2 %

BAC stock opened at $46.32 on Friday. The company’s 50 day simple moving average is $45.76 and its 200-day simple moving average is $43.02. The firm has a market capitalization of $355.40 billion, a PE ratio of 14.38, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 12 month low of $32.49 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Bank of America Company 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.