Resona Asset Management Co. Ltd. raised its stake in Bank of America Corporation (NYSE:BAC) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,207,617 shares of the financial services provider's stock after purchasing an additional 113,516 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Bank of America were worth $91,969,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vega Investment Solutions acquired a new position in shares of Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $34,000. Wood Tarver Financial Group LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $38,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America in the fourth quarter valued at $40,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
BAC has been the topic of several research reports. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Finally, HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and upped their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $50.13.
Get Our Latest Report on BAC
Insider Transactions at Bank of America
In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.
Bank of America Stock Up 0.3%
BAC stock opened at $46.15 on Tuesday. The stock has a market capitalization of $341.85 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The firm has a 50-day moving average price of $46.47 and a 200-day moving average price of $43.74.
Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results 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 net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.4%. Bank of America's dividend payout ratio (DPR) is 30.41%.
Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.
Bank of America Profile
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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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