Bank of America Co. (NYSE:BAC) Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lessened its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,710,157 shares of the financial services provider's stock after selling 1,633,247 shares during the quarter. Bank of America accounts for approximately 0.4% of Dimensional Fund Advisors LP's holdings, making the stock its 29th largest holding. Dimensional Fund Advisors LP owned 0.45% of Bank of America worth $1,202,416,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Barclays PLC raised its holdings in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider's stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd lifted its position in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider's stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP acquired a new stake in Bank of America during the 3rd quarter worth about $177,970,000. Canada Pension Plan Investment Board grew its stake in Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider's stock valued at $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Bank of America in the third quarter valued at about $168,610,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of a number of recent research reports. Oppenheimer upped their target price on Bank of America from $45.00 to $46.00 and gave the company an "outperform" rating in a research report on Tuesday, April 30th. Erste Group Bank upgraded shares of Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a research note on Thursday, April 18th. Wolfe Research raised shares of Bank of America from a "peer perform" rating to an "outperform" rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $33.00 to $37.00 and gave the company a "market perform" rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Bank of America has an average rating of "Hold" and an average target price of $38.70.

Bank of America Price Performance

NYSE:BAC traded up $0.17 during mid-day trading on Friday, reaching $38.45. 27,359,138 shares of the stock were exchanged, compared to its average volume of 40,529,332. The firm has a market capitalization of $300.69 billion, a PE ratio of 13.30, a PEG ratio of 1.69 and a beta of 1.37. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.78. The business has a fifty day moving average price of $36.84 and a 200 day moving average price of $33.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. The company's revenue was down 1.7% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.23 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.50%. Bank of America's dividend payout ratio (DPR) is presently 33.22%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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