Sompo Japan Nipponkoa Asset Management CO. LTD. increased its holdings in Bank of America Corp (NYSE:BAC) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 130,000 shares of the financial services provider’s stock after purchasing an additional 8,330 shares during the quarter. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Bank of America were worth $2,760,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Americana Partners LLC bought a new stake in Bank of America during the fourth quarter valued at $476,000. Capital Square LLC bought a new stake in Bank of America during the fourth quarter valued at $323,000. NS Partners Ltd boosted its position in Bank of America by 2.6% during the fourth quarter. NS Partners Ltd now owns 434,527 shares of the financial services provider’s stock valued at $15,304,000 after acquiring an additional 10,812 shares during the last quarter. Loews Corp boosted its position in Bank of America by 1.9% during the fourth quarter. Loews Corp now owns 333,941 shares of the financial services provider’s stock valued at $11,761,000 after acquiring an additional 6,360 shares during the last quarter. Finally, Altavista Wealth Management Inc. boosted its position in Bank of America by 1.2% during the fourth quarter. Altavista Wealth Management Inc. now owns 65,314 shares of the financial services provider’s stock valued at $2,300,000 after acquiring an additional 775 shares during the last quarter. 70.08% of the stock is currently owned by institutional investors and hedge funds.
Shares of BAC traded down $0.24 on Friday, reaching $22.66. The company’s stock had a trading volume of 48,083,035 shares, compared to its average volume of 63,654,284. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. Bank of America Corp has a twelve month low of $17.95 and a twelve month high of $35.72. The stock has a market capitalization of $198.67 billion, a PE ratio of 9.29, a PEG ratio of 2.22 and a beta of 1.60. The firm has a fifty day moving average of $22.58 and a 200-day moving average of $29.41.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). The firm had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, equities analysts anticipate that Bank of America Corp will post 1.48 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 annualized dividend and a yield of 3.18%. Bank of America’s dividend payout ratio (DPR) is 24.49%.
A number of brokerages have commented on BAC. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, May 12th. Cfra cut their price target on shares of Bank of America from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Morgan Stanley cut their price objective on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, March 27th. Citigroup cut their price objective on shares of Bank of America from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Finally, Wells Fargo & Co cut their price objective on shares of Bank of America from $36.00 to $32.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and a consensus target price of $29.74.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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