Bank of America Co. (NYSE:BAC) Stake Lifted by Tokio Marine Asset Management Co. Ltd.

Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 160,077 shares of the financial services provider’s stock after acquiring an additional 9,240 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Bank of America were worth $5,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Schechter Investment Advisors LLC increased its holdings in shares of Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its holdings in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. Sarasin & Partners LLP purchased a new position in Bank of America in the 4th quarter worth about $673,000. Finally, Pinnacle Associates Ltd. raised its holdings in Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after buying an additional 225,767 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.1 %

BAC stock traded down $0.05 during trading hours on Wednesday, hitting $38.32. The company’s stock had a trading volume of 28,655,567 shares, compared to its average volume of 41,609,586. The stock has a 50 day moving average price of $35.98 and a two-hundred day moving average price of $32.61. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a market capitalization of $302.37 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the company posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.53.

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.