Resona Asset Management Co. Ltd. Invests $92.15 Million in Bank of America Co. (NYSE:BAC)

Resona Asset Management Co. Ltd. acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 2,094,101 shares of the financial services provider’s stock, valued at approximately $92,146,000. Bank of America comprises about 0.5% of Resona Asset Management Co. Ltd.’s portfolio, making the stock its 29th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Graney & King LLC purchased a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Collier Financial acquired a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter worth $29,000. Highline Wealth Partners LLC raised its holdings in shares of 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 worth $37,000 after acquiring an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its stake in shares of Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday. Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. 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. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday. Finally, Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Stock Down 7.7 %

Shares of NYSE BAC opened at $34.37 on Friday. The stock has a fifty day moving average price of $43.74 and a 200 day moving average price of $43.88. The company has a market cap of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12-month low of $33.67 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Research analysts anticipate 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 was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Bank of America Company Profile

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.