Bank of America Co. (NYSE:BAC) Stock Position Increased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Bank of America Co. (NYSE:BAC) by 7.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,092,694 shares of the financial services provider’s stock after buying an additional 80,210 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Bank of America were worth $48,024,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in BAC. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.3 %

NYSE:BAC opened at $47.74 on Friday. The business’s fifty day moving average price is $45.78 and its 200 day moving average price is $42.85. The firm has a market capitalization of $366.33 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.67 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, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BAC. Morgan Stanley upped their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Finally, Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.