Mufg Securities Americas Inc. Invests $4.86 Million in Bank of America Co. (NYSE:BAC)

Mufg Securities Americas Inc. bought a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 110,591 shares of the financial services provider's stock, valued at approximately $4,860,000. Bank of America comprises about 0.6% of Mufg Securities Americas Inc.'s portfolio, making the stock its 28th biggest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nearwater Capital Markets Ltd bought a new stake in Bank of America in the fourth quarter valued at about $83,949,000. NorthRock Partners LLC increased its holdings in Bank of America by 56.7% in the fourth quarter. NorthRock Partners LLC now owns 91,504 shares of the financial services provider's stock valued at $4,022,000 after buying an additional 33,094 shares during the last quarter. Northwest Quadrant Wealth Management LLC increased its holdings in Bank of America by 8.5% in the fourth quarter. Northwest Quadrant Wealth Management LLC now owns 8,108 shares of the financial services provider's stock valued at $356,000 after buying an additional 634 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $58,000. Finally, MJP Associates Inc. ADV boosted its stake in Bank of America by 2.0% in the fourth quarter. MJP Associates Inc. ADV now owns 25,789 shares of the financial services provider's stock valued at $1,133,000 after acquiring an additional 518 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.28 during mid-day trading on Friday, hitting $44.66. The company had a trading volume of 49,375,450 shares, compared to its average volume of 39,687,873. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $336.38 billion, a P/E ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27. The business's 50-day simple moving average is $40.03 and its 200-day simple moving average is $43.55.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Barclays decreased their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer boosted their target price on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Truist Financial cut their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $47.50.

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.