Mitsubishi UFJ Asset Management Co. Ltd. Buys 835,085 Shares of Bank of America Co. (NYSE:BAC)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Bank of America Co. (NYSE:BAC) by 8.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,798,582 shares of the financial services provider’s stock after purchasing an additional 835,085 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.14% of Bank of America worth $483,884,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Bank of America in the third quarter worth approximately $606,000. Larson Financial Group LLC lifted its stake in shares of Bank of America by 18.0% during the 3rd quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock worth $412,000 after acquiring an additional 1,583 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Bank of America by 48.4% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 4,837 shares during the period. Finally, Truvestments Capital LLC bought a new position in Bank of America in the 3rd quarter valued at $73,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BAC shares. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Citigroup reduced their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Down 1.1 %

Shares of BAC stock opened at $42.81 on Thursday. The stock’s fifty day moving average price is $44.63 and its 200 day moving average price is $43.86. 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 Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a market cap of $325.45 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is currently 32.30%.

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.