Nippon Life Global Investors Americas Inc. Increases Stake in Bank of America Corporation (BAC)

Nippon Life Global Investors Americas Inc. increased its stake in Bank of America Corporation (NYSE:BAC) by 7.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 comprises about 2.7% of Nippon Life Global Investors Americas Inc.’s portfolio, 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 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Capital Management Corp VA increased its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares during the last quarter. Welch Group LLC increased its stake in shares of Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares during the last quarter. Tiemann Investment Advisors LLC increased its stake in shares of Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after buying an additional 52 shares during the last quarter. Logan Capital Management Inc. increased its stake in shares of Bank of America Corporation by 0.4% in the first quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock valued at $345,000 after buying an additional 61 shares during the last quarter. Finally, WealthTrust Axiom LLC increased its stake in shares of Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after buying an additional 70 shares during the last quarter. 66.42% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (BAC) traded down 0.6696% during mid-day trading on Friday, hitting $23.9585. 25,972,743 shares of the stock traded hands. Bank of America Corporation has a 1-year low of $14.70 and a 1-year high of $25.80. The company’s 50-day moving average price is $24.22 and its 200 day moving average price is $23.78. The company has a market capitalization of $251.96 billion, a PE ratio of 14.2695 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the firm posted $0.41 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

Bank of America Corporation announced that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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 paid a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.99%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

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Several analysts recently commented on the stock. Vetr raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price for the company in a report on Friday, July 14th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. UBS AG reaffirmed a “neutral” rating and set a $26.00 target price on shares of Bank of America Corporation in a report on Friday, July 21st. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a report on Wednesday. They set an “outperform” rating and a $30.00 target price for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a report on Wednesday, June 7th. One investment 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 issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $23.94.

About Bank of America Corporation

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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