FUKOKU MUTUAL LIFE INSURANCE Co Decreases Holdings in Bank of America Corporation $BAC

FUKOKU MUTUAL LIFE INSURANCE Co reduced its position in Bank of America Corporation (NYSE:BAC) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,338 shares of the financial services provider’s stock after selling 2,387 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Bank of America were worth $1,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Quaker Wealth Management LLC boosted its position in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter worth approximately $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America in the second quarter worth approximately $33,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. The Goldman Sachs Group cut their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Dbs Bank raised Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Stock Performance

NYSE BAC opened at $52.04 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The business has a 50-day moving average price of $51.73 and a 200-day moving average price of $48.29. The firm has a market cap of $379.99 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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