Asset Management One Co. Ltd. Acquires 149,915 Shares of Bank of America Corporation (NYSE:BAC)

Asset Management One Co. Ltd. increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,035,714 shares of the financial services provider's stock after purchasing an additional 149,915 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Bank of America were worth $126,680,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Avalon Trust Co increased its stake in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the last quarter. TAGStone Capital Inc. boosted its holdings in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after purchasing an additional 227 shares in the last quarter. Hayek Kallen Investment Management increased its position in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC raised its holdings in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after buying an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC lifted its position in Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after buying an additional 240 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on BAC shares. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler dropped their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.40.

Bank of America Stock Up 0.8%

Shares of NYSE:BAC traded up $0.36 during trading on Tuesday, reaching $46.66. 45,218,011 shares of the stock traded hands, compared to its average volume of 39,836,024. The stock has a market cap of $351.46 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a 50-day moving average of $42.55 and a two-hundred day moving average of $43.28. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

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.