Korea Investment CORP Has $273.43 Million Stake in Bank of America Co. (NYSE:BAC)

Korea Investment CORP cut its position in shares of Bank of America Co. (NYSE:BAC) by 11.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,221,338 shares of the financial services provider’s stock after selling 792,074 shares during the quarter. Bank of America comprises about 0.6% of Korea Investment CORP’s holdings, making the stock its 22nd largest position. Korea Investment CORP owned 0.08% of Bank of America worth $273,428,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Algert Global LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at $606,000. Larson Financial Group LLC lifted its position in shares of Bank of America by 18.0% during the 3rd quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 1,583 shares during the period. Harvest Fund Management Co. Ltd boosted its stake in Bank of America by 48.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 4,837 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in Bank of America in the third quarter worth $73,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $42.81 on Thursday. The firm has a market capitalization of $325.45 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $44.63 and its 200 day simple moving average is $43.86. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

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.