UniSuper Management Pty Ltd Boosts Position in Bank of America Co. (NYSE:BAC)

UniSuper Management Pty Ltd raised its stake in Bank of America Co. (NYSE:BAC) by 8.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,788,652 shares of the financial services provider’s stock after buying an additional 440,474 shares during the period. Bank of America comprises 1.8% of UniSuper Management Pty Ltd’s holdings, making the stock its 11th biggest holding. UniSuper Management Pty Ltd owned about 0.08% of Bank of America worth $254,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of BAC. Principal Financial Group Inc. raised its holdings in shares of 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 valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Bank of America in the 3rd quarter worth approximately $606,000. Larson Financial Group LLC raised its stake in Bank of America by 18.0% in the third quarter. Larson Financial Group LLC now owns 10,382 shares of the financial services provider’s stock worth $412,000 after buying an additional 1,583 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its position in Bank of America by 48.4% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 4,837 shares in the last quarter. Finally, Truvestments Capital LLC bought a new position in shares of Bank of America in the 3rd quarter worth $73,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC opened at $42.81 on Thursday. The firm has a fifty day moving average price of $44.63 and a 200 day moving average price of $43.86. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The stock has a market cap of $325.45 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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

Bank of America Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Company 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.