SBI Securities Co. Ltd. Boosts Stake in Bank of America Corporation $BAC

SBI Securities Co. Ltd. raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 118,101 shares of the financial services provider’s stock after buying an additional 1,807 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Bank of America were worth $5,589,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $28,000. CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC purchased a new stake in shares of Bank of America during the second quarter worth about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $53.60 on Wednesday. The stock has a market capitalization of $391.41 billion, a PE ratio of 14.60, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a fifty day moving average of $51.45 and a 200-day moving average of $47.83. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.99.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Piper Sandler boosted their price target on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Oppenheimer raised their price objective on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Phillip Securities lifted their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Finally, Wells Fargo & Company upped their target price on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.86.

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.