Bank of America Corp (BAC) Shares Bought by National Pension Service

National Pension Service lifted its position in Bank of America Corp (NYSE:BAC) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,773,186 shares of the financial services provider’s stock after buying an additional 33,959 shares during the quarter. Bank of America makes up 1.1% of National Pension Service’s investment portfolio, making the stock its 13th largest holding. National Pension Service’s holdings in Bank of America were worth $229,464,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Janus Henderson Group PLC increased its holdings in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Vanguard Group Inc. increased its holdings in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC increased its holdings in Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD increased its holdings in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares during the period. Hedge funds and other institutional investors own 68.67% of the company’s stock.

Several equities research analysts have weighed in on BAC shares. JPMorgan Chase & Co. upped their price target on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Credit Suisse Group upgraded Bank of America to an “outperform” rating and upped their price target for the stock from $32.00 to $35.00 in a report on Thursday, January 4th. Royal Bank of Canada restated a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Morgan Stanley restated an “overweight” rating and set a $30.00 price target (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $30.21.

Bank of America Corp (BAC) opened at $31.87 on Thursday. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $32.67. The company has a market capitalization of $328,473.50, a PE ratio of 17.54, a PEG ratio of 1.62 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 EPS. sell-side analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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