Ilmarinen Mutual Pension Insurance Co Has $69.77 Million Stock Holdings in Bank of America Corporation $BAC

Ilmarinen Mutual Pension Insurance Co reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,268,620 shares of the financial services provider’s stock after selling 37,000 shares during the quarter. Bank of America accounts for 0.6% of Ilmarinen Mutual Pension Insurance Co’s holdings, making the stock its 23rd biggest holding. Ilmarinen Mutual Pension Insurance Co’s holdings in Bank of America were worth $69,774,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Legacy Bridge LLC grew its holdings in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth $27,000. Collier Financial acquired a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Joseph Group Capital Management acquired a new stake in shares of Bank of America during the 4th quarter worth $32,000. Finally, HFM Investment Advisors LLC grew its holdings in shares of Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 532 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 94,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last three months. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. HSBC raised their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Autonomous Res reduced their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Robert W. Baird increased their target price on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Truist Financial increased their target price on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Price Performance

Bank of America stock opened at $50.85 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $360.87 billion, a PE ratio of 12.59, a P/E/G ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 12 month low of $43.36 and a 12 month high of $57.55. The stock has a 50-day moving average price of $51.01 and a two-hundred day moving average price of $52.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.