Bank of America Corporation $BAC Shares Acquired by Nan Shan Life Insurance Co. Ltd.

Key Points

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Nan Shan Life Insurance Co. Ltd. grew its position in Bank of America Corporation (NYSE:BAC) by 58.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,478,499 shares of the financial services provider's stock after acquiring an additional 545,977 shares during the quarter. Bank of America comprises approximately 1.4% of Nan Shan Life Insurance Co. Ltd.'s portfolio, making the stock its 17th biggest position. Nan Shan Life Insurance Co. Ltd.'s holdings in Bank of America were worth $61,698,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BAC. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares during the period. MML Investors Services LLC lifted its holdings in shares of Bank of America by 6.3% during the fourth quarter. MML Investors Services LLC now owns 706,046 shares of the financial services provider's stock worth $31,031,000 after purchasing an additional 42,015 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Bank of America by 11.2% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 85,782 shares of the financial services provider's stock worth $3,770,000 after purchasing an additional 8,627 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Bank of America by 0.6% during the fourth quarter. TD Waterhouse Canada Inc. now owns 907,697 shares of the financial services provider's stock worth $39,911,000 after purchasing an additional 5,155 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and increased their price target for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Morgan Stanley increased their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Hsbc Global Res downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Finally, The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $50.13.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Bank of America Trading Up 2.1%

Shares of BAC stock opened at $47.92 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The stock has a market cap of $354.94 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.82 and a beta of 1.31. The business has a fifty day simple moving average of $46.75 and a 200-day simple moving average of $43.76. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

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

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