Bank of America Corp DE Acquires Shares of 2,736,767 DTE Energy Company $DTE

Key Points

• Bank of America acquired 2.74 million DTE Energy shares in the second quarter, worth approximately $417 million and representing about 1.32% of the utility company.
• DTE Energy reported quarterly earnings of $1.32 per share, exceeding the $1.14 analyst consensus, while revenue reached $6.74 billion. Analysts expect full-year earnings of $7.71 per share.
• DTE declared a quarterly dividend of $1.165 per share, or $4.66 annualized, yielding about 3.6%. Analysts maintain a “Moderate Buy” consensus with an average price target of $157.

Bank of America Corp DE bought a new position in DTE Energy Company (NYSE:DTE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,736,767 shares of the utilities provider's stock, valued at approximately $417,001,000. Bank of America Corp DE owned approximately 1.32% of DTE Energy at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of DTE. First Bancorp Inc ME acquired a new position in DTE Energy during the 2nd quarter valued at about $29,000. Key Financial Inc purchased a new stake in DTE Energy during the first quarter valued at about $29,000. Elyxium Wealth LLC purchased a new stake in shares of DTE Energy in the 4th quarter valued at approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of DTE Energy in the second quarter valued at $35,000. Finally, Optiver Holding B.V. acquired a new stake in DTE Energy during the 1st quarter worth about $36,000. Institutional investors own 76.06% of the company's stock.

Insider Transactions at DTE Energy

In other news, Vice Chairman Trevor Lauer sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $135.71, for a total value of $678,550.00. Following the completion of the sale, the insider directly owned 73,122 shares of the company's stock, valued at $9,923,386.62. This trade represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.60% of the company's stock.

DTE Energy Stock Performance

Shares of DTE Energy stock opened at $130.25 on Wednesday. DTE Energy Company has a 52 week low of $126.23 and a 52 week high of $155.74. The firm has a fifty day moving average of $140.83 and a two-hundred day moving average of $144.63. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.53 and a current ratio of 0.80. The stock has a market capitalization of $27.10 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 2.85 and a beta of 0.37.

DTE Energy (NYSE:DTE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.18. The company had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $3.36 billion. DTE Energy had a net margin of 8.00% and a return on equity of 12.19%. During the same period last year, the firm posted $1.36 earnings per share. As a group, equities research analysts predict that DTE Energy Company will post 7.71 EPS for the current year.

DTE Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be given a dividend of $1.165 per share. This represents a $4.66 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, September 21st. DTE Energy's dividend payout ratio is 73.73%.

Wall Street Analyst Weigh In

A number of research analysts have commented on DTE shares. TD Cowen assumed coverage on DTE Energy in a research note on Tuesday, July 7th. They issued a "hold" rating and a $166.00 target price on the stock. Morgan Stanley cut their target price on shares of DTE Energy from $153.00 to $148.00 and set an "overweight" rating for the company in a research report on Friday, August 21st. Mizuho cut their price target on DTE Energy from $164.00 to $152.00 and set an "outperform" rating for the company in a report on Thursday, August 27th. JPMorgan Chase & Co. increased their target price on shares of DTE Energy from $155.00 to $162.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Finally, Wall Street Zen cut DTE Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, DTE Energy presently has an average rating of "Moderate Buy" and a consensus target price of $157.00.

About DTE Energy

DTE Energy Company is a diversified energy holding company headquartered in Detroit, Michigan. Its principal businesses are DTE Electric, which generates, transmits and distributes electricity, and DTE Gas, which stores, transports and distributes natural gas. Through these utilities, the company serves residential, commercial and industrial customers primarily throughout southeastern Michigan.

DTE Energy also operates businesses involved in energy marketing and trading, renewable and conventional power generation, and other energy-related services.

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