Resona Asset Management Co. Ltd. Has $118.64 Million Stake in Bank of America Corporation $BAC

Resona Asset Management Co. Ltd. trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 6.7% during the third quarter, HoldingsChannel.com reports. The firm owned 2,293,959 shares of the financial services provider’s stock after selling 165,838 shares during the period. Bank of America makes up approximately 0.6% of Resona Asset Management Co. Ltd.’s portfolio, making the stock its 28th biggest holding. Resona Asset Management Co. Ltd.’s holdings in Bank of America were worth $118,644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter worth $28,000. Steph & Co. grew its stake in shares of Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the last quarter. CGC Financial Services LLC increased its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Finally, Marquette Asset Management LLC acquired a new stake in Bank of America in the third quarter valued at $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Morgan Stanley and other bullish takes following BAC’s solid Q4 results reinforce earnings momentum and analyst support; this underpins investor confidence in BAC’s core earnings and capital outlook. Morgan Stanley remains bullish on Bank of America (BAC) following strong Q4 results
• Positive Sentiment: Broad earnings?season commentary (Zacks and others) showing rising estimates and a favorable Q4 backdrop supports BAC’s forward EPS outlook and valuation multiples. Earnings Estimates Keep Increasing: A Closer Look
• Positive Sentiment: BofA’s $1B “sharing success”/employee?owner initiative is getting coverage; such programs can help retention and align employee incentives, modestly supportive for execution and cost control over time. Did BAC’s US$1 Billion Sharing Success Plan Just Recast Bank of America’s Employee-Owner Model?
• Neutral Sentiment: BofA research/commentary (MarketWatch piece) promoting international stocks, EM and gold versus bonds highlights the firm’s market views but is unlikely to move BAC shares materially. Now is not the time to own bonds, says Bank of America. These are safer bets.
• Neutral Sentiment: BofA analysts remain active in coverage (example: upgrade of Oklo shows BofA’s analyst influence) — helpful for reputation but indirect for the stock. Oklo Stock Rises as Meta Deal Triggers Bank of America Upgrade
• Negative Sentiment: Multiple reports say BofA is considering offering credit cards at a proposed 10% cap (and CEO Moynihan warned a cap would curb spending). The story raises regulatory and margin?pressure concerns for card balances and interest income — a key driver for bank profitability. Bank of America, Citi consider new credit cards with 10% rate – report
• Negative Sentiment: Additional coverage (Bloomberg/PYMNTS/NYPost/Blockonomi) on the 10% card idea and Moynihan’s comments increases the chance investors re?price BAC to reflect regulatory risk to card yields and consumer?credit availability. Bank of America and Citi Consider Offering Credit Cards With 10% Interest Rate

Bank of America Stock Performance

NYSE:BAC opened at $51.75 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The company has a fifty day moving average of $54.06 and a 200-day moving average of $51.33. The firm has a market capitalization of $377.87 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.28 and a beta of 1.29.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. Bank of America’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on BAC shares. Barclays upped their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Morgan Stanley reduced their target price on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Oppenheimer increased their target price on shares of Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Finally, Argus upped their price objective on shares of Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.74.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.