Bank of America Corporation $BAC Holdings Boosted by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,857,120 shares of the financial services provider’s stock after buying an additional 648,932 shares during the quarter. Bank of America comprises 1.9% of OMERS ADMINISTRATION Corp’s holdings, making the stock its 9th largest position. OMERS ADMINISTRATION Corp owned 0.07% of Bank of America worth $267,142,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter valued at $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America in the fourth quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. grew its stake in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $55.89 on Tuesday. The company has a market cap of $396.62 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The stock has a 50 day simple moving average of $52.42 and a 200-day simple moving average of $52.44. Bank of America Corporation has a 12-month low of $44.06 and a 12-month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 EPS. On average, equities analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The business 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 $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Morgan Stanley dropped their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Argus lifted their price objective on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.