Bank of America Corporation (BAC) Stake Boosted by Meiji Yasuda Life Insurance Co

Meiji Yasuda Life Insurance Co raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 235,309 shares of the financial services provider’s stock after purchasing an additional 1,300 shares during the period. Bank of America Corporation accounts for approximately 0.9% of Meiji Yasuda Life Insurance Co’s investment portfolio, making the stock its 16th biggest holding. Meiji Yasuda Life Insurance Co’s holdings in Bank of America Corporation were worth $5,709,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the second quarter worth $100,000. Armbruster Capital Management Inc. increased its position in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Bank of America Corporation by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares in the last quarter. Tarbox Family Office Inc. increased its position in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Bank of America Corporation by 47.1% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 1,850 shares in the last quarter. 62.19% of the stock is currently owned by institutional investors and hedge funds.

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A number of equities research analysts have recently weighed in on the stock. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a report on Wednesday, August 30th. Credit Suisse Group reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, October 10th. Citigroup Inc. reissued a “neutral” rating and set a $27.00 price objective (up from $25.00) on shares of Bank of America Corporation in a report on Monday, October 9th. Zacks Investment Research lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Finally, Nomura boosted their price objective on shares of Bank of America Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. Bank of America Corporation has a consensus rating of “Buy” and a consensus target price of $25.82.

Shares of Bank of America Corporation (BAC) opened at $26.79 on Thursday. The company has a market cap of $273,699.22, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America Corporation has a 1-year low of $19.68 and a 1-year high of $27.98.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. equities research analysts expect that Bank of America Corporation will post 1.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.79%. Bank of America Corporation’s payout ratio is 27.43%.

Bank of America Corporation 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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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