Nippon Life Global Investors Americas Inc. boosted its stake in Bank of America Corporation (NYSE:BAC) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,288,440 shares of the financial services provider’s stock after buying an additional 86,050 shares during the period. Bank of America Corporation makes up about 2.7% of Nippon Life Global Investors Americas Inc.’s holdings, making the stock its 4th largest position. Nippon Life Global Investors Americas Inc.’s holdings in Bank of America Corporation were worth $30,395,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. River & Mercantile Asset Management LLP purchased a new position in Bank of America Corporation during the fourth quarter valued at about $9,686,000. Lincoln Capital Corp purchased a new position in Bank of America Corporation during the fourth quarter valued at about $819,000. Lincluden Management Ltd. raised its position in Bank of America Corporation by 8.1% in the fourth quarter. Lincluden Management Ltd. now owns 457,961 shares of the financial services provider’s stock valued at $10,121,000 after buying an additional 34,287 shares during the last quarter. Ibex Wealth Advisors raised its position in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock valued at $1,096,000 after buying an additional 37,004 shares during the last quarter. Finally, Pekin Singer Strauss Asset Management IL raised its position in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock valued at $545,000 after buying an additional 1,500 shares during the last quarter. 66.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of America Corporation (NYSE:BAC) traded down 0.684% on Friday, reaching $23.955. The company had a trading volume of 25,973,348 shares. The company has a 50 day moving average price of $24.23 and a 200 day moving average price of $23.78. The stock has a market capitalization of $251.92 billion, a PE ratio of 14.267 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.70 and a 52-week high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.99%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.

Bank of America Corporation declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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Several equities research analysts have weighed in on BAC shares. Nomura restated a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Vining Sparks upgraded Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Wednesday, April 19th. Barclays PLC restated an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. Berenberg Bank downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and upped their price target for the stock from $15.00 to $22.00 in a report on Monday, April 24th. Finally, Zacks Investment Research downgraded Bank of America Corporation from a “buy” rating to a “hold” rating in a report on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. Bank of America Corporation presently has an average rating of “Buy” and a consensus target price of $23.94.

Bank of America Corporation Company 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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