Piedmont Investment Advisors Inc. reduced its stake in Bank of America Corp (NYSE:BAC) by 2.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 615,846 shares of the financial services provider’s stock after selling 17,147 shares during the period. Bank of America comprises 0.7% of Piedmont Investment Advisors Inc.’s investment portfolio, making the stock its 24th largest position. Piedmont Investment Advisors Inc.’s holdings in Bank of America were worth $15,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund grew its position in shares of Bank of America by 2,345.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock worth $2,351,000 after buying an additional 55,563,977 shares during the last quarter. Capital World Investors boosted its position in shares of Bank of America by 0.7% during the third quarter. Capital World Investors now owns 41,115,262 shares of the financial services provider’s stock valued at $1,211,256,000 after purchasing an additional 273,716 shares in the last quarter. Standard Life Aberdeen plc boosted its position in shares of Bank of America by 2.3% during the third quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock valued at $599,163,000 after purchasing an additional 455,380 shares in the last quarter. Sanders Capital LLC boosted its position in shares of Bank of America by 3.2% during the fourth quarter. Sanders Capital LLC now owns 18,621,007 shares of the financial services provider’s stock valued at $506,236,000 after purchasing an additional 584,443 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Bank of America by 1.2% during the third quarter. Schroder Investment Management Group now owns 18,187,536 shares of the financial services provider’s stock valued at $535,804,000 after purchasing an additional 217,088 shares in the last quarter. 64.22% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently weighed in on BAC shares. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Wells Fargo & Co set a $36.00 target price on Bank of America and gave the stock a “buy” rating in a report on Wednesday, January 16th. Credit Suisse Group dropped their target price on Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, December 7th. Daiwa Capital Markets downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Friday, February 8th. Finally, Edward Jones raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, January 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $33.18.

Bank of America stock opened at $29.46 on Friday. The firm has a market cap of $300.04 billion, a P/E ratio of 11.29, a PEG ratio of 1.27 and a beta of 1.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a one year low of $22.66 and a one year high of $32.57.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. As a group, research analysts anticipate that Bank of America Corp will post 2.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, February 28th. Bank of America’s payout ratio is 22.99%.

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Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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