Cigna Investments Inc. New Raises Stake in Bank of America Corp (NYSE:BAC)

Cigna Investments Inc. New boosted its position in Bank of America Corp (NYSE:BAC) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,094 shares of the financial services provider’s stock after buying an additional 7,697 shares during the quarter. Bank of America makes up approximately 0.6% of Cigna Investments Inc. New’s portfolio, making the stock its 27th biggest position. Cigna Investments Inc. New’s holdings in Bank of America were worth $5,035,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Hall Capital Management Co. Inc. boosted its stake in Bank of America by 2.0% in the fourth quarter. Hall Capital Management Co. Inc. now owns 14,954 shares of the financial services provider’s stock worth $527,000 after buying an additional 300 shares in the last quarter. Capital Bank & Trust Co boosted its stake in Bank of America by 0.8% in the fourth quarter. Capital Bank & Trust Co now owns 40,417 shares of the financial services provider’s stock worth $1,423,000 after buying an additional 310 shares in the last quarter. Noesis Capital Mangement Corp boosted its stake in Bank of America by 4.2% in the fourth quarter. Noesis Capital Mangement Corp now owns 7,661 shares of the financial services provider’s stock worth $270,000 after buying an additional 311 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in Bank of America by 0.6% in the fourth quarter. Wesbanco Bank Inc. now owns 51,961 shares of the financial services provider’s stock worth $1,830,000 after buying an additional 313 shares in the last quarter. Finally, Charter Research & Investment Group Inc. boosted its stake in Bank of America by 0.4% in the fourth quarter. Charter Research & Investment Group Inc. now owns 78,020 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 325 shares in the last quarter. 70.08% of the stock is owned by institutional investors and hedge funds.

Several analysts have weighed in on BAC shares. Societe Generale upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Citigroup lowered their price objective on Bank of America from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Friday, March 27th. Piper Sandler lowered their price objective on Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, April 3rd. Barclays reiterated a “buy” rating and issued a $33.00 price objective on shares of Bank of America in a research report on Thursday, April 9th. Finally, BMO Capital Markets lowered their price objective on Bank of America from $26.00 to $24.00 and set a “market perform” rating for the company in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus price target of $29.74.

Shares of NYSE BAC traded down $0.24 during trading on Friday, reaching $22.66. The company had a trading volume of 48,083,035 shares, compared to its average volume of 63,654,284. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72. The stock has a market cap of $198.67 billion, a PE ratio of 9.29, a P/E/G ratio of 2.22 and a beta of 1.60. The business’s 50-day moving average is $22.58 and its 200 day moving average is $29.41. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.06.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The company had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $22.58 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. On average, analysts anticipate that Bank of America Corp will post 1.48 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.18 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. Bank of America’s dividend payout ratio is currently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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