Bank of America Corporation $BAC Holdings Lifted by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp increased its position in Bank of America Corporation (NYSE:BAC) by 15.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,857,120 shares of the financial services provider’s stock after buying an additional 648,932 shares during the quarter. Bank of America comprises about 1.9% of OMERS ADMINISTRATION Corp’s investment portfolio, making the stock its 9th biggest position. OMERS ADMINISTRATION Corp’s holdings in Bank of America were worth $267,142,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Sculptor Capital LP raised its position in shares of Bank of America by 64.0% in the 4th quarter. Sculptor Capital LP now owns 2,132,655 shares of the financial services provider’s stock worth $117,296,000 after buying an additional 832,000 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in shares of Bank of America by 5.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 17,700 shares of the financial services provider’s stock worth $974,000 after buying an additional 850 shares during the period. Twin City Private Wealth LLC raised its position in shares of Bank of America by 3.7% in the 4th quarter. Twin City Private Wealth LLC now owns 11,299 shares of the financial services provider’s stock worth $621,000 after buying an additional 399 shares during the period. Tenzing Financial LLC purchased a new position in shares of Bank of America in the 4th quarter worth $223,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Bank of America by 5.3% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 933,304 shares of the financial services provider’s stock worth $51,332,000 after buying an additional 47,060 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Jefferies Financial Group raised their price objective on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Truist Financial raised their price objective on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Morgan Stanley cut their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Trading Down 0.2%

NYSE:BAC opened at $55.89 on Tuesday. Bank of America Corporation has a 12 month low of $44.06 and a 12 month high of $57.55. The firm has a market capitalization of $396.62 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50-day moving average is $52.42 and its two-hundred day moving average is $52.44.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

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.