Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in Bank of America Corporation $BAC

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Bank of America Corporation (NYSE:BAC) by 9.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,274,230 shares of the financial services provider’s stock after purchasing an additional 1,151,432 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bank of America were worth $628,137,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust lifted its position in Bank of America by 2.5% during the second quarter. Parkside Financial Bank & Trust now owns 58,263 shares of the financial services provider’s stock worth $2,757,000 after buying an additional 1,410 shares during the period. Keystone Financial Services lifted its holdings in shares of Bank of America by 3.1% during the 2nd quarter. Keystone Financial Services now owns 11,833 shares of the financial services provider’s stock worth $560,000 after acquiring an additional 357 shares during the period. Aviva PLC boosted its position in shares of Bank of America by 12.7% in the second quarter. Aviva PLC now owns 5,387,462 shares of the financial services provider’s stock worth $254,935,000 after acquiring an additional 607,141 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Bank of America by 2.8% in the second quarter. Los Angeles Capital Management LLC now owns 568,090 shares of the financial services provider’s stock worth $26,882,000 after acquiring an additional 15,665 shares during the last quarter. Finally, RWA Wealth Partners LLC increased its position in Bank of America by 17.8% during the second quarter. RWA Wealth Partners LLC now owns 152,836 shares of the financial services provider’s stock worth $7,232,000 after purchasing an additional 23,131 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. TD Cowen boosted their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. Citigroup upped their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Down 0.1%

Shares of NYSE BAC opened at $53.22 on Friday. The stock has a fifty day moving average price of $51.33 and a 200 day moving average price of $47.51. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.99. The company has a market cap of $388.62 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company’s revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.