Bank of America Corp (NYSE:BAC) Holdings Reduced by Dupont Capital Management Corp
Dupont Capital Management Corp reduced its holdings in Bank of America Corp (NYSE:BAC) by 13.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 852,888 shares of the financial services provider’s stock after selling 131,015 shares during the period. Bank of America accounts for approximately 0.5% of Dupont Capital Management Corp’s portfolio, making the stock its 27th largest position. Dupont Capital Management Corp’s holdings in Bank of America were worth $23,531,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. CRA Financial Services LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $1,320,000. Fosun International Ltd raised its position in shares of Bank of America by 333.9% during the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock worth $1,005,000 after acquiring an additional 31,383 shares during the last quarter. Matthew Goff Investment Advisor LLC raised its position in shares of Bank of America by 3.3% during the fourth quarter. Matthew Goff Investment Advisor LLC now owns 198,107 shares of the financial services provider’s stock worth $4,881,000 after acquiring an additional 6,393 shares during the last quarter. Arrow Financial Corp raised its position in shares of Bank of America by 11.5% during the fourth quarter. Arrow Financial Corp now owns 131,735 shares of the financial services provider’s stock worth $3,246,000 after acquiring an additional 13,570 shares during the last quarter. Finally, Synovus Financial Corp increased its holdings in Bank of America by 5.1% in the fourth quarter. Synovus Financial Corp now owns 673,347 shares of the financial services provider’s stock valued at $16,579,000 after purchasing an additional 32,629 shares during the last quarter. 68.24% of the stock is currently owned by institutional investors.
Shares of NYSE BAC opened at $27.95 on Thursday. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.91. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market cap of $268.51 billion, a P/E ratio of 10.50, a P/E/G ratio of 1.10 and a beta of 1.54.
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 paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.60 annualized dividend and a yield of 2.15%. Bank of America’s dividend payout ratio is 22.99%.
BAC has been the subject of a number of research analyst reports. HSBC initiated coverage on Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 target price for the company. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Wednesday, April 17th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Tuesday, March 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $32.98.
In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the sale, the insider now owns 243,617 shares in the company, valued at $7,254,914.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by corporate insiders.
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About Bank of America
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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