China Universal Asset Management Co. Ltd. Acquires 9,286 Shares of Bank of America Co. (NYSE:BAC)

China Universal Asset Management Co. Ltd. increased its holdings in Bank of America Co. (NYSE:BAC) by 36.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 34,576 shares of the financial services provider’s stock after buying an additional 9,286 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Bank of America were worth $1,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc raised its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America in the 4th quarter worth $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the third quarter worth $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on BAC. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.25 on Friday. The firm’s fifty day moving average is $45.83 and its two-hundred day moving average is $42.79. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a market cap of $354.84 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. Bank of America’s dividend payout ratio 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.