SBI Securities Co. Ltd. Acquires Shares of 117,855 Bank of America Co. (NYSE:BAC)

SBI Securities Co. Ltd. bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 117,855 shares of the financial services provider’s stock, valued at approximately $5,180,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Accent Capital Management LLC lifted its holdings in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments lifted its holdings in Bank of America by 237.6% during the 3rd 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 period. Geode Capital Management LLC increased its position in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Clarendon Private LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $798,000. Finally, Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research reports. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Up 4.7 %

Shares of Bank of America stock opened at $46.19 on Friday. The stock has a market cap of $354.37 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50 day simple moving average is $45.78 and its 200-day simple moving average is $43.59. Bank of America Co. has a 1-year low of $34.03 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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.