OMERS ADMINISTRATION Corp Has $19.13 Million Position in Bank of America Co. (NYSE:BAC)

OMERS ADMINISTRATION Corp reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 435,296 shares of the financial services provider’s stock after selling 39,700 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Bank of America were worth $19,131,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter valued at $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 3.7%

BAC opened at $43.35 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm’s fifty day moving average is $39.71 and its 200 day moving average is $43.50. The stock has a market cap of $326.54 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BAC shares. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Piper Sandler cut their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.25.

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.