Tokio Marine Asset Management Co. Ltd. Acquires 8,338 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Tokio Marine Asset Management has increased its stake in Bank of America by 4.2%, holding 206,486 shares worth approximately $8.6 million.
• Bank of America announced an increase in its quarterly dividend to $0.28, representing an annualized yield of 2.4%, and the company has authorized a $40 billion stock buyback program.
• Analysts generally hold a positive outlook on Bank of America, with an average target price of $50.13 and seventeen analysts rating it as a "buy."

Tokio Marine Asset Management Co. Ltd. grew its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 206,486 shares of the financial services provider's stock after purchasing an additional 8,338 shares during the quarter. Tokio Marine Asset Management Co. Ltd.'s holdings in Bank of America were worth $8,617,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after acquiring an additional 226,246 shares during the period. CreativeOne Wealth LLC raised its stake in shares of Bank of America by 5.3% in the 4th quarter. CreativeOne Wealth LLC now owns 109,163 shares of the financial services provider's stock valued at $4,798,000 after acquiring an additional 5,462 shares during the period. Belpointe Asset Management LLC raised its stake in shares of Bank of America by 14.8% in the 4th quarter. Belpointe Asset Management LLC now owns 47,324 shares of the financial services provider's stock valued at $1,928,000 after acquiring an additional 6,088 shares during the period. Finally, LaSalle St. Investment Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $208,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 transaction, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. The Goldman Sachs Group raised their target price on shares of 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 downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Argus dropped their price target on shares of 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. Finally, Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.13.

Bank of America Price Performance

Shares of BAC stock traded up $0.44 during midday trading on Thursday, reaching $47.68. 21,061,848 shares of the company were exchanged, compared to its average volume of 35,297,836. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The company has a market cap of $353.13 billion, a P/E ratio of 13.81, a PEG ratio of 1.83 and a beta of 1.31. The company's 50 day moving average price is $46.58 and its two-hundred day moving average price is $43.79. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last released 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's payout ratio is 30.41%.

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.