Sompo Japan Nipponkoa Asset Management CO. LTD. Acquires 8,330 Shares of Bank of America Corp (NYSE:BAC)

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Sompo Japan Nipponkoa Asset Management CO. LTD. increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 6.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,000 shares of the financial services provider’s stock after acquiring an additional 8,330 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Bank of America were worth $2,760,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Hall Capital Management Co. Inc. boosted its stake in Bank of America by 2.0% during the fourth quarter. Hall Capital Management Co. Inc. now owns 14,954 shares of the financial services provider’s stock worth $527,000 after acquiring an additional 300 shares in the last quarter. Capital Bank & Trust Co boosted its stake in Bank of America by 0.8% during the fourth quarter. Capital Bank & Trust Co now owns 40,417 shares of the financial services provider’s stock worth $1,423,000 after acquiring an additional 310 shares in the last quarter. Noesis Capital Mangement Corp boosted its stake in Bank of America by 4.2% during the fourth quarter. Noesis Capital Mangement Corp now owns 7,661 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 311 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in Bank of America by 0.6% during the fourth quarter. Wesbanco Bank Inc. now owns 51,961 shares of the financial services provider’s stock worth $1,830,000 after acquiring an additional 313 shares in the last quarter. Finally, Charter Research & Investment Group Inc. boosted its stake in Bank of America by 0.4% during the fourth quarter. Charter Research & Investment Group Inc. now owns 78,020 shares of the financial services provider’s stock worth $2,748,000 after acquiring an additional 325 shares in the last quarter. 70.08% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently commented on BAC shares. TheStreet lowered shares of Bank of America from a “b-” rating to a “c” rating in a research note on Wednesday, March 25th. BMO Capital Markets decreased their target price on shares of Bank of America from $26.00 to $24.00 and set a “market perform” rating for the company in a report on Thursday, April 16th. Wolfe Research cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 25th. Citigroup decreased their target price on shares of Bank of America from $30.00 to $27.00 and set a “hold” rating for the company in a report on Friday, March 27th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a report on Tuesday, March 17th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Bank of America has a consensus rating of “Hold” and an average target price of $29.74.

BAC stock traded down $0.24 during midday trading on Friday, reaching $22.66. 48,083,035 shares of the company’s stock traded hands, compared to its average volume of 63,654,284. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72. The stock has a market cap of $198.67 billion, a P/E ratio of 9.29, a PEG ratio of 2.22 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. The stock’s 50-day moving average is $22.58 and its 200 day moving average is $29.41.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.20). Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The business had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $22.58 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, research analysts expect that Bank of America Corp will post 1.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a yield of 3.18%. Bank of America’s dividend payout ratio is currently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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