Meiji Yasuda Asset Management Co Ltd. Has $6.82 Million Stock Position in Bank of America Co. (NYSE:BAC)

Meiji Yasuda Asset Management Co Ltd. raised its stake in Bank of America Co. (NYSE:BAC) by 16.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,218 shares of the financial services provider’s stock after acquiring an additional 22,071 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Bank of America were worth $6,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Mascoma Wealth Management LLC raised its position in shares of Bank of America by 68.2% in the 4th 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 period. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America during the 4th quarter worth approximately $42,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Up 1.5 %

NYSE BAC opened at $43.09 on Tuesday. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The business has a fifty day moving average price of $44.77 and a two-hundred day moving average price of $43.83. 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 stock has a market capitalization of $327.57 billion, a PE ratio of 13.38, a PEG 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 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is presently 32.30%.

Bank of America 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.