Canada Pension Plan Investment Board Boosts Stake in Bank of America Co. (NYSE:BAC)

Canada Pension Plan Investment Board boosted its holdings in Bank of America Co. (NYSE:BAC) by 17.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,469,317 shares of the financial services provider’s stock after acquiring an additional 2,179,332 shares during the quarter. Bank of America comprises approximately 0.7% of Canada Pension Plan Investment Board’s portfolio, making the stock its 29th biggest holding. Canada Pension Plan Investment Board owned about 0.17% of Bank of America worth $559,818,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.6% in the first quarter. Geode Capital Management LLC now owns 116,039,367 shares of the financial services provider’s stock valued at $4,476,618,000 after purchasing an additional 1,841,155 shares during the period. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at $2,901,869,000. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 71,304,753 shares of the financial services provider’s stock worth $2,758,781,000 after buying an additional 4,822,558 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Bank of America by 15.1% in the 1st quarter. Ameriprise Financial Inc. now owns 62,923,315 shares of the financial services provider’s stock worth $2,434,589,000 after buying an additional 8,271,853 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Bank of America by 5.4% during the 1st quarter. Morgan Stanley now owns 62,800,608 shares of the financial services provider’s stock valued at $2,429,754,000 after acquiring an additional 3,240,323 shares in the last quarter. 70.17% of the stock is owned by institutional investors.

NYSE BAC traded down $0.60 on Thursday, reaching $37.86. The company had a trading volume of 1,476,097 shares, compared to its average volume of 46,488,336. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.08. Bank of America Co. has a 1 year low of $22.95 and a 1 year high of $43.49. The firm’s 50-day moving average is $41.09. The firm has a market capitalization of $324.43 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 1.63 and a beta of 1.54.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business had revenue of $21.50 billion for the quarter, compared to analysts’ expectations of $21.77 billion. During the same period in the previous year, the company posted $0.37 earnings per share. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.3 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock buyback plan on Thursday, April 15th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Friday, September 3rd will be paid a dividend of $0.21 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is currently 38.50%.

Several brokerages recently issued reports on BAC. Robert W. Baird restated a “neutral” rating and set a $42.00 price objective on shares of Bank of America in a research report on Monday, May 10th. Evercore ISI reaffirmed a “buy” rating and issued a $43.00 price objective on shares of Bank of America in a research report on Friday, July 2nd. Barclays raised their price target on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Truist initiated coverage on shares of Bank of America in a report on Wednesday, June 2nd. They set a “buy” rating on the stock. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, June 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $39.83.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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