Duff & Phelps Investment Management Co. Buys 700 Shares of Bank of America Co. (NYSE:BAC)

Duff & Phelps Investment Management Co. increased its position in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,130 shares of the financial services provider’s stock after purchasing an additional 700 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Bank of America were worth $2,597,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Field & Main Bank lifted its position in shares of Bank of America by 5.9% in the 4th quarter. Field & Main Bank now owns 25,400 shares of the financial services provider’s stock worth $855,000 after purchasing an additional 1,410 shares during the period. Van ECK Associates Corp boosted its position in shares of Bank of America by 1.5% during the fourth quarter. Van ECK Associates Corp now owns 5,315,121 shares of the financial services provider’s stock valued at $178,960,000 after buying an additional 78,408 shares during the last quarter. Steele Capital Management Inc. bought a new stake in shares of Bank of America in the 4th quarter worth $727,000. Altrius Capital Management Inc increased its stake in Bank of America by 1.1% in the 4th quarter. Altrius Capital Management Inc now owns 114,774 shares of the financial services provider’s stock valued at $3,864,000 after buying an additional 1,211 shares during the last quarter. Finally, Adell Harriman & Carpenter Inc. lifted its holdings in Bank of America by 8.0% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 45,756 shares of the financial services provider’s stock worth $1,541,000 after acquiring an additional 3,375 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 1.5 %

Bank of America stock opened at $37.01 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50-day moving average price is $36.26 and its 200 day moving average price is $32.95. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The firm has a market cap of $291.99 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BAC shares. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. HSBC restated a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Barclays raised their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Hold” and an average target price of $38.59.

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.