Tokio Marine Asset Management Co. Ltd. Increases Position in Bank of America Co. (NYSE:BAC)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 160,077 shares of the financial services provider’s stock after acquiring an additional 9,240 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Bank of America were worth $5,390,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $32,000. ZRC Wealth Management LLC increased its stake in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC traded down $0.05 on Wednesday, reaching $38.32. The company had a trading volume of 28,655,567 shares, compared to its average volume of 41,609,586. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The company has a market cap of $302.37 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.70 and a beta of 1.39. The business has a 50 day simple moving average of $35.98 and a 200 day simple moving average of $32.61.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several analysts have issued reports on BAC shares. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Barclays increased their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Evercore ISI increased their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America 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.