Ilmarinen Mutual Pension Insurance Co Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Ilmarinen Mutual Pension Insurance Co raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 61.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 971,620 shares of the financial services provider’s stock after acquiring an additional 371,500 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Bank of America were worth $42,703,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Rahlfs Capital LLC bought a new position in Bank of America during the fourth quarter valued at approximately $644,000. Hurley Capital LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $73,000. Payden & Rygel boosted its position in shares of Bank of America by 46.8% during the 4th quarter. Payden & Rygel now owns 503,600 shares of the financial services provider’s stock valued at $22,133,000 after acquiring an additional 160,500 shares during the last quarter. Perennial Investment Advisors LLC grew its holdings in shares of Bank of America by 2.6% in the fourth quarter. Perennial Investment Advisors LLC now owns 23,887 shares of the financial services provider’s stock valued at $1,050,000 after purchasing an additional 602 shares in the last quarter. Finally, Sit Investment Associates Inc. raised its stake in Bank of America by 75.6% during the fourth quarter. Sit Investment Associates Inc. now owns 228,315 shares of the financial services provider’s stock valued at $10,034,000 after purchasing an additional 98,319 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 7.7 %

NYSE BAC opened at $34.37 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50-day simple moving average is $43.74 and its two-hundred day simple moving average is $43.88. Bank of America Co. has a one year low of $33.67 and a one year high of $48.08. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. Truist Financial decreased their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

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.