FUKOKU MUTUAL LIFE INSURANCE Co Sells 11,290 Shares of Bank of America Co. (NYSE:BAC)

FUKOKU MUTUAL LIFE INSURANCE Co cut its holdings in Bank of America Co. (NYSE:BAC) by 25.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,661 shares of the financial services provider’s stock after selling 11,290 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Bank of America were worth $1,435,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of BAC. Mn Services Vermogensbeheer B.V. boosted its position in Bank of America by 0.8% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,555,500 shares of the financial services provider’s stock worth $68,364,000 after buying an additional 13,100 shares during the period. Harfst & Associates Inc. acquired a new position in shares of Bank of America during the fourth quarter worth $222,000. GenTrust LLC grew its stake in shares of Bank of America by 11.0% in the fourth quarter. GenTrust LLC now owns 14,571 shares of the financial services provider’s stock worth $640,000 after purchasing an additional 1,445 shares during the last quarter. Bull Oak Capital LLC acquired a new position in Bank of America during the 4th quarter worth about $219,000. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $57,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $43.96 on Thursday. The stock has a market cap of $337.28 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52-week low of $33.71 and a 52-week high of $48.08. The business has a 50-day simple moving average of $45.72 and a 200-day simple moving average of $43.50. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared 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 of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.