Bank of America Corp (NYSE:BAC) Holdings Boosted by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. boosted its holdings in Bank of America Corp (NYSE:BAC) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 352,471 shares of the financial services provider’s stock after acquiring an additional 20,465 shares during the period. Bank of America comprises about 1.2% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 11th biggest holding. Sumitomo Life Insurance Co.’s holdings in Bank of America were worth $10,222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sound View Wealth Advisors LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $1,114,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Bank of America by 51.4% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,968,809 shares of the financial services provider’s stock valued at $48,511,000 after buying an additional 668,809 shares during the last quarter. Godshalk Welsh Capital Management Inc. raised its holdings in shares of Bank of America by 2.4% during the fourth quarter. Godshalk Welsh Capital Management Inc. now owns 50,875 shares of the financial services provider’s stock valued at $1,254,000 after buying an additional 1,200 shares during the last quarter. M Holdings Securities Inc. raised its holdings in shares of Bank of America by 22.0% during the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after buying an additional 20,587 shares during the last quarter. Finally, St. Johns Investment Management Company LLC raised its holdings in shares of Bank of America by 2.4% during the first quarter. St. Johns Investment Management Company LLC now owns 105,357 shares of the financial services provider’s stock valued at $2,907,000 after buying an additional 2,466 shares during the last quarter. 68.23% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE BAC traded up $0.21 during mid-day trading on Tuesday, reaching $28.29. 45,648,949 shares of the company traded hands, compared to its average volume of 47,919,868. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $273.48 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.15 and a beta of 1.54. The company has a fifty day moving average of $29.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same quarter last year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corp will post 2.83 EPS for the current fiscal year.

Bank of America declared that its board has approved a share buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a report on Monday, June 17th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a report on Tuesday, April 30th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a report on Wednesday, July 10th. Berenberg Bank set a $30.00 price target on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Finally, Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $32.00 to $36.00 in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Bank of America has an average rating of “Hold” and an average target price of $33.02.

About Bank of America

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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