Norinchukin Bank The lifted its stake in Bank of America Co. (NYSE:BAC) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 234,519 shares of the financial services provider’s stock after purchasing an additional 9,889 shares during the period. Norinchukin Bank The’s holdings in Bank of America were worth $9,074,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Lazard Freres Gestion S.A.S. bought a new position in Bank of America during the 4th quarter worth about $53,635,000. Royal Fund Management LLC lifted its position in shares of Bank of America by 276.6% during the first quarter. Royal Fund Management LLC now owns 26,136 shares of the financial services provider’s stock valued at $1,011,000 after buying an additional 19,196 shares during the last quarter. Keybank National Association OH lifted its position in shares of Bank of America by 0.3% during the fourth quarter. Keybank National Association OH now owns 3,121,358 shares of the financial services provider’s stock valued at $94,608,000 after buying an additional 9,498 shares during the last quarter. Monterey Private Wealth Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at about $616,000. Finally, Anchor Capital Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at about $1,255,000. Institutional investors own 70.23% of the company’s stock.
Shares of BAC stock opened at $41.69 on Friday. The company has a fifty day moving average price of $41.08. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.01. The stock has a market cap of $357.25 billion, a price-to-earnings ratio of 17.89, a P/E/G ratio of 1.98 and a beta of 1.56. Bank of America Co. has a fifty-two week low of $22.39 and a fifty-two week high of $43.49.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.73%. Bank of America’s payout ratio is currently 38.50%.
Bank of America declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 15th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several equities analysts recently commented on BAC shares. Barclays increased their price objective on shares of Bank of America from $40.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, April 7th. Robert W. Baird reaffirmed a “neutral” rating and issued a $42.00 price objective on shares of Bank of America in a research report on Monday, May 10th. Truist Securities assumed coverage on shares of Bank of America in a research report on Wednesday, June 2nd. They issued a “buy” rating for the company. Royal Bank of Canada raised their price target on shares of Bank of America from $37.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, April 16th. Finally, Jefferies Financial Group raised their price target on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a research report on Friday, April 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $38.47.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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