Rakuten Securities Inc. Invests $514,000 in Bank of America Co. (NYSE:BAC)

Rakuten Securities Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,263 shares of the financial services provider’s stock, valued at approximately $514,000.

Several other large investors also recently modified their holdings of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the third quarter worth $25,000. Glass Jacobson Investment Advisors llc grew its holdings in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. Castleview Partners LLC bought a new stake in Bank of America during the first quarter valued at about $28,000. Strategic Investment Solutions Inc. IL bought a new stake in Bank of America during the first quarter valued at about $34,000. Finally, ZRC Wealth Management LLC grew its holdings in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $38.29.

Bank of America Trading Down 3.5 %

BAC stock traded down $1.27 during midday trading on Wednesday, reaching $34.68. 95,566,094 shares of the company traded hands, compared to its average volume of 35,278,272. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50 day moving average of $35.51 and a 200-day moving average of $32.19. The firm has a market capitalization of $273.65 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 1.64 and a beta of 1.39.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.77%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.