Elo Mutual Pension Insurance Co Sells 31,606 Shares of Bank of America Co. (NYSE:BAC)

Elo Mutual Pension Insurance Co lowered its position in shares of Bank of America Co. (NYSE:BAC) by 4.7% in the fourth quarter, HoldingsChannel reports. The fund owned 637,311 shares of the financial services provider’s stock after selling 31,606 shares during the period. Bank of America makes up 0.6% of Elo Mutual Pension Insurance Co’s portfolio, making the stock its 27th largest position. Elo Mutual Pension Insurance Co’s holdings in Bank of America were worth $28,010,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Artisan Partners Limited Partnership grew its position in Bank of America by 4.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,372 shares of the financial services provider’s stock valued at $108,880,000 after purchasing an additional 104,353 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Bank of America by 8.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,798,582 shares of the financial services provider’s stock valued at $483,884,000 after acquiring an additional 835,085 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in Bank of America during the fourth quarter worth about $272,000. Aviso Wealth Management boosted its position in Bank of America by 12.5% during the fourth quarter. Aviso Wealth Management now owns 26,749 shares of the financial services provider’s stock valued at $1,176,000 after purchasing an additional 2,967 shares during the last quarter. Finally, Graney & King LLC bought a new position in Bank of America in the fourth quarter valued at approximately $25,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $42.81 on Thursday. The stock has a market capitalization of $325.45 billion, a PE ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. 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 business has a fifty day moving average price of $44.63 and a two-hundred day moving average price of $43.86.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior 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. As a group, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.45.

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.