Okabena Investment Services Inc. Makes New Investment in Bank of America Corporation $BAC

Okabena Investment Services Inc. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 26,549 shares of the financial services provider’s stock, valued at approximately $1,256,000.

Several other large investors have also modified their holdings of BAC. Geode Capital Management LLC lifted its position in Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after acquiring an additional 403,652 shares during the last quarter. Norges Bank bought a new stake in shares of Bank of America in the second quarter valued at approximately $5,091,641,000. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi increased its position in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $53.70 on Monday. The business has a fifty day moving average of $51.90 and a 200-day moving average of $48.82. The firm has a market cap of $392.11 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. 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 Corporation has a twelve month low of $33.06 and a twelve month high of $54.69.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Oppenheimer cut their price objective on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. The Goldman Sachs Group decreased their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Finally, Piper Sandler increased their target price on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.77.

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.