China Universal Asset Management Co. Ltd. Raises Position in Bank of America Co. (NYSE:BAC)

China Universal Asset Management Co. Ltd. grew its stake in Bank of America Co. (NYSE:BAC) by 36.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 34,576 shares of the financial services provider’s stock after purchasing an additional 9,286 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Bank of America were worth $1,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc boosted its stake in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Retirement Wealth Solutions LLC bought a new position in Bank of America during the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $46.25 on Friday. The firm has a market capitalization of $354.84 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The business’s 50-day moving average is $45.83 and its two-hundred day moving average is $42.79. Bank of America Co. has a 1 year low of $32.35 and a 1 year 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.70 EPS. Research analysts anticipate that Bank of America Co. will post 3.67 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, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.