Point72 Asia Singapore Pte. Ltd. Acquires 141,772 Shares of Bank of America Co. (NYSE:BAC)

Point72 Asia Singapore Pte. Ltd. raised its holdings in Bank of America Co. (NYSE:BAC) by 568.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 166,695 shares of the financial services provider’s stock after acquiring an additional 141,772 shares during the quarter. Bank of America makes up about 1.9% of Point72 Asia Singapore Pte. Ltd.’s portfolio, making the stock its 8th largest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Bank of America were worth $7,326,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of BAC. Lederer & Associates Investment Counsel CA lifted its holdings in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co increased its stake in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC raised its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC lifted its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management boosted its holdings in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $44.82 on Thursday. The company has a market capitalization of $337.58 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The business’s fifty day simple moving average is $39.84 and its 200-day simple moving average is $43.52.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Company 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.