Asahi Life Asset Management CO. LTD. boosted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 45.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,680 shares of the financial services provider's stock after acquiring an additional 6,120 shares during the period. Asahi Life Asset Management CO. LTD.'s holdings in Bank of America were worth $821,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the business. Graney & King LLC bought a new position in Bank of America during the 4th quarter worth $25,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the 4th quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the 4th quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares in the last quarter. Institutional investors own 70.71% of the company's stock.
Bank of America Stock Down 0.6%
Shares of NYSE:BAC opened at $46.71 on Monday. The stock has a market cap of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The business's 50 day moving average is $44.99 and its 200 day moving average is $43.55.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America's dividend payout ratio is currently 30.95%.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on BAC. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.89.
Get Our Latest Stock Analysis on BAC
About Bank of America
(
Free Report)
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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