USS Investment Management Ltd Has $52.85 Million Stake in Bank of America Corporation $BAC

USS Investment Management Ltd increased its position in Bank of America Corporation (NYSE:BAC) by 1.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,084,283 shares of the financial services provider’s stock after buying an additional 16,100 shares during the period. USS Investment Management Ltd’s holdings in Bank of America were worth $52,853,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter worth $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the 3rd quarter valued at $27,000. Legacy Bridge LLC lifted its stake in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the last quarter. CrossGen Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management bought a new stake in Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 1.6%

Shares of NYSE BAC opened at $56.97 on Wednesday. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The business has a fifty day moving average of $53.51 and a two-hundred day moving average of $52.73. The stock has a market cap of $404.31 billion, a PE ratio of 14.10, a PEG ratio of 0.97 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 4.48 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

Analyst Ratings Changes

Several analysts have recently issued reports on BAC shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Citigroup upped their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Robert W. Baird increased their price target on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Truist Financial lifted their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.60.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Insiders Place Their Bets

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

Bank of America Company Profile

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.