Nippon Life Global Investors Americas Inc. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Nippon Life Global Investors Americas Inc. lessened its stake in Bank of America Co. (NYSE:BAC) by 2.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 670,800 shares of the financial services provider’s stock after selling 18,370 shares during the quarter. Bank of America makes up about 1.4% of Nippon Life Global Investors Americas Inc.’s portfolio, making the stock its 26th biggest holding. Nippon Life Global Investors Americas Inc.’s holdings in Bank of America were worth $29,482,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in BAC. Geode Capital Management LLC raised its position in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $5,226,989,000. Capital World Investors lifted its position in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after acquiring an additional 2,806,927 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 1.3 %

Shares of NYSE:BAC opened at $36.91 on Tuesday. The firm has a market capitalization of $280.62 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50-day moving average is $41.09 and its two-hundred day moving average is $43.63.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.82%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup lowered their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Royal Bank of Canada decreased their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.43.

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.