AIA Group Ltd Has $12.70 Million Position in Bank of America Co. (NYSE:BAC)

AIA Group Ltd boosted its position in shares of Bank of America Co. (NYSE:BAC) by 38.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 288,968 shares of the financial services provider’s stock after buying an additional 80,724 shares during the quarter. AIA Group Ltd’s holdings in Bank of America were worth $12,700,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in Bank of America in the fourth quarter valued at about $60,679,000. Arizona State Retirement System boosted its holdings in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after buying an additional 10,377 shares during the last quarter. Keybank National Association OH grew its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after buying an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have assigned 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Stock Performance

NYSE BAC opened at $41.24 on Monday. The stock has a market cap of $313.50 billion, a PE ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50-day moving average of $44.45 and a 200-day moving average of $43.93. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Bank of America Company 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.