Ilmarinen Mutual Pension Insurance Co Acquires 371,500 Shares of Bank of America Co. (NYSE:BAC)

Ilmarinen Mutual Pension Insurance Co raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 61.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 971,620 shares of the financial services provider’s stock after purchasing an additional 371,500 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Bank of America were worth $42,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at $25,000. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at about $29,000. Highline Wealth Partners LLC raised its stake 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 worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its holdings in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after buying an additional 361 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Citigroup lowered their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Truist Financial dropped their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Stock Performance

BAC stock opened at $34.37 on Friday. 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 $33.67 and a 1 year high of $48.08. The company has a market cap of $261.32 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock’s fifty day moving average price is $43.74 and its 200-day moving average price is $43.88.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is presently 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.