Point72 Asia Singapore Pte. Ltd. Raises Holdings in Bank of America Co. (NYSE:BAC)

Point72 Asia Singapore Pte. Ltd. increased its position in shares of Bank of America Co. (NYSE:BAC) by 568.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 166,695 shares of the financial services provider’s stock after buying an additional 141,772 shares during the quarter. Bank of America accounts for about 1.9% of Point72 Asia Singapore Pte. Ltd.’s portfolio, making the stock its 8th biggest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Bank of America were worth $7,326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Collier Financial bought a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc increased its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.2%

Shares of Bank of America stock opened at $44.82 on Thursday. The firm’s 50 day moving average is $39.84 and its 200 day moving average is $43.52. The firm has a market capitalization of $337.58 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America’s payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BAC shares. Royal Bank of Canada dropped their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley upped their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Oppenheimer increased their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

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.