FUKOKU MUTUAL LIFE INSURANCE Co Has $1.74 Million Stake in Bank of America Co. (NYSE:BAC)

FUKOKU MUTUAL LIFE INSURANCE Co lifted its position in shares of Bank of America Co. (NYSE:BAC) by 15.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,951 shares of the financial services provider’s stock after buying an additional 5,817 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Bank of America were worth $1,744,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Summit Global Investments grew its stake in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP grew its position in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America during the first quarter valued at approximately $771,000. Finally, SteelPeak Wealth LLC raised its holdings in shares of Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the sale, the insider now owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock valued at $4,344,741,752 over the last three months. Insiders own 0.29% of the company’s stock.

Bank of America Stock Up 0.1 %

NYSE:BAC opened at $45.91 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $29.20 and a one year high of $46.52. The firm’s 50 day simple moving average is $41.22 and its 200 day simple moving average is $40.22. The company has a market cap of $352.26 billion, a PE ratio of 16.69, a P/E/G ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the company earned $0.90 earnings per share. The company’s revenue was up .4% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. Oppenheimer lifted their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.