Donaldson Capital Management LLC Sells 1,720 Shares of Bank of America Co. (NYSE:BAC)

Donaldson Capital Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 14.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,068 shares of the financial services provider’s stock after selling 1,720 shares during the quarter. Donaldson Capital Management LLC’s holdings in Bank of America were worth $339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the period. Norges Bank purchased a new position in shares of Bank of America in the fourth quarter valued at approximately $3,436,543,000. Barclays PLC lifted its position 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 valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Snider Financial Group increased its holdings in shares of Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd increased its holdings in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC traded down $1.58 during midday trading on Tuesday, hitting $34.37. The company had a trading volume of 24,170,442 shares, compared to its average volume of 40,098,988. The company has a market capitalization of $271.20 billion, a PE ratio of 11.71, a P/E/G ratio of 1.63 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50-day simple moving average is $35.48 and its 200-day simple moving average is $32.14.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 EPS. Equities research analysts predict that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.79%. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods boosted their price target 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. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, BMO Capital Markets dropped their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $38.29.

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.