Sumitomo Life Insurance Co. raised its stake in shares of Bank of America Corp (NYSE:BAC) by 5.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 403,552 shares of the financial services provider’s stock after purchasing an additional 20,682 shares during the period. Bank of America makes up approximately 1.5% of Sumitomo Life Insurance Co.’s portfolio, making the stock its 8th biggest holding. Sumitomo Life Insurance Co.’s holdings in Bank of America were worth $11,913,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Burt Wealth Advisors lifted its position in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $115,000. Legacy Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $115,000. HWG Holdings LP bought a new position in shares of Bank of America during the 3rd quarter worth approximately $116,000. Finally, Bristlecone Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $128,000. Institutional investors and hedge funds own 69.92% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $32.84 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $33.05. The stock has a market cap of $335,173.56, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 1.66 and a beta of 1.36.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.46%. Bank of America’s payout ratio is 30.97%.
Several equities analysts have commented on the stock. Vetr cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a research report on Monday. Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Vining Sparks reaffirmed a “buy” rating and issued a $34.00 price target on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $30.35.
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Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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