Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in Bank of America Co. (NYSE:BAC)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Bank of America Co. (NYSE:BAC) by 8.4% during the 4th quarter, Holdings Channel reports. The fund owned 10,798,582 shares of the financial services provider’s stock after purchasing an additional 835,085 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bank of America were worth $483,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Collier Financial acquired a new stake in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC boosted its position in Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.45.

Bank of America Price Performance

NYSE:BAC opened at $42.81 on Thursday. The stock has a 50 day moving average price of $44.63 and a 200 day moving average price of $43.86. The stock has a market cap of $325.45 billion, a PE ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. 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 Co. has a one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.7 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. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s payout ratio is 32.30%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.