Dai ichi Life Insurance Company Ltd Has $15.43 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Dai ichi Life Insurance Company Ltd decreased its holdings in Bank of America Co. (NYSE:BAC) by 0.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 388,728 shares of the financial services provider’s stock after selling 262 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Bank of America were worth $15,425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BAC. Quent Capital LLC increased its stake in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares during the period. Mount Yale Investment Advisors LLC acquired a new position in shares of Bank of America in the 1st quarter valued at approximately $237,000. Tidal Investments LLC boosted its position in shares of Bank of America by 2.4% during the 1st quarter. Tidal Investments LLC now owns 237,572 shares of the financial services provider’s stock worth $9,007,000 after acquiring an additional 5,666 shares in the last quarter. Coppell Advisory Solutions Corp. acquired a new position in Bank of America during the first quarter valued at approximately $1,764,000. Finally, Semmax Financial Advisors Inc. lifted its stake in Bank of America by 6.8% during the first quarter. Semmax Financial Advisors Inc. now owns 16,227 shares of the financial services provider’s stock worth $620,000 after purchasing an additional 1,031 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.50 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.74. The stock has a market cap of $364.46 billion, a P/E ratio of 17.27, a P/E/G ratio of 1.59 and a beta of 1.32. The company has a 50 day moving average of $42.41 and a 200 day moving average of $40.76.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 85,027,690 shares of company stock valued at $3,435,115,636. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

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.