Resona Asset Management Co. Ltd. Purchases Shares of 2,094,101 Bank of America Co. (NYSE:BAC)

Resona Asset Management Co. Ltd. acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,094,101 shares of the financial services provider’s stock, valued at approximately $92,146,000. Bank of America makes up approximately 0.5% of Resona Asset Management Co. Ltd.’s holdings, making the stock its 29th biggest position.

A number of other large investors have also recently made changes to their positions in the company. Collier Financial acquired a new stake in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the fourth quarter worth approximately $29,000. Finally, Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in 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 in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BAC. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup reduced their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Down 7.7 %

Bank of America stock opened at $34.37 on Friday. The stock’s 50 day moving average price is $43.74 and its 200 day moving average price is $43.88. Bank of America Co. has a 1-year low of $33.67 and a 1-year high of $48.08. The company has a market cap of $261.32 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. 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 issued its earnings results 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 company had revenue of $25.30 billion for 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%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.