SBI Securities Co. Ltd. Takes Position in Bank of America Co. (NYSE:BAC)

SBI Securities Co. Ltd. acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 117,855 shares of the financial services provider’s stock, valued at approximately $5,180,000.

Other institutional investors also recently bought and sold shares of the company. Collier Financial bought a new stake in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $42,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BAC shares. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.19 on Friday. The firm has a fifty day moving average price of $45.78 and a two-hundred day moving average price of $43.59. The company has a market cap of $354.37 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.