Rakuten Investment Management Inc. increased its holdings in Bank of America Corporation (NYSE:BAC) by 7,006.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 897,273 shares of the financial services provider’s stock after acquiring an additional 884,647 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Bank of America were worth $49,664,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC increased its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC grew its holdings in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC grew its holdings in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new position in Bank of America in the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP raised its stake in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Analyst Ratings Changes
A number of analysts have weighed in on BAC shares. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. HSBC boosted their target price on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. UBS Group lifted their price objective on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group upped their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.06.
Insider Activity at Bank of America
In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.
Bank of America Stock Performance
NYSE BAC opened at $55.89 on Tuesday. The stock has a market capitalization of $396.62 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19. The business’s 50 day moving average is $52.42 and its two-hundred day moving average is $52.44. Bank of America Corporation has a 12-month low of $44.06 and a 12-month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same period last year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is 27.72%.
Bank of America Profile
Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.
Read More
- Five stocks we like better than Bank of America
- Can D-Wave Hold Its Own Against 2 Fast-Growing Rivals?
- 3 AI Stocks With Moats That Could Outlast Summer Volatility
- These 5 Companies Just Made a Massive Bet on Themselves
- 5 Stocks Built to Thrive in a Higher-for-Longer Economy
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.
