Bank of America Corp (BAC) is Factory Mutual Insurance Co.’s 9th Largest Position

Factory Mutual Insurance Co. raised its stake in Bank of America Corp (NYSE:BAC) by 0.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 5,461,262 shares of the financial services provider’s stock after buying an additional 27,600 shares during the quarter. Bank of America comprises approximately 1.7% of Factory Mutual Insurance Co.’s investment portfolio, making the stock its 9th biggest position. Factory Mutual Insurance Co.’s holdings in Bank of America were worth $153,953,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after acquiring an additional 5,720,403 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Bank of America by 1.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 44,255,820 shares of the financial services provider’s stock valued at $1,327,233,000 after acquiring an additional 452,837 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Bank of America by 3.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock valued at $1,175,286,000 after acquiring an additional 1,403,412 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Bank of America by 0.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock valued at $1,035,093,000 after acquiring an additional 247,700 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Bank of America by 0.7% in the 1st quarter. LSV Asset Management now owns 29,892,545 shares of the financial services provider’s stock valued at $896,477,000 after acquiring an additional 221,600 shares in the last quarter. 67.07% of the stock is owned by hedge funds and other institutional investors.

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Several equities analysts have recently issued reports on BAC shares. Citigroup lifted their price target on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, April 24th. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Jefferies Financial Group reiterated a “buy” rating and issued a $34.00 price target on shares of Bank of America in a research note on Tuesday, April 17th. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price target on the stock. in a research note on Tuesday, April 17th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $35.00 price target on shares of Bank of America in a research note on Thursday, April 5th. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $32.25.

Shares of Bank of America opened at $30.13 on Friday, according to MarketBeat. The firm has a market capitalization of $303.93 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.46 and a beta of 1.32. Bank of America Corp has a 52-week low of $22.75 and a 52-week high of $33.05. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. Bank of America’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS. equities research analysts expect that Bank of America Corp will post 2.54 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Friday, June 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. Bank of America’s dividend payout ratio is currently 26.23%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Thursday, June 28th that permits the company to buyback $20.60 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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

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