World Equity Group Inc. has increased its stake in Bank of America Corporation (NYSE: BAC) by 21.8% during the third quarter of 2023. This growth is detailed in the company’s recent 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, World Equity Group now holds 73,188 shares of Bank of America, which constitutes 0.9% of its total investment portfolio, marking it as the 22nd largest position within the fund.
As of the latest filing, World Equity Group’s holdings in Bank of America are valued at approximately $3,779,000. The financial landscape for Bank of America continues to shift as several other institutional investors have also modified their holdings in the company.
Recent Changes in Institutional Holdings
Among the notable movements, Permanent Capital Management LP acquired a new position, investing around $649,000 in Bank of America shares during the third quarter. In addition, Boston Common Asset Management LLC increased its stake by 10.5% in the second quarter, now owning 259,680 shares valued at $12,288,000 after purchasing an additional 24,740 shares.
Disciplined Investments LLC and Sunbeam Capital Management LLC also made changes to their holdings. Disciplined Investments acquired a new stake worth approximately $217,000, while Sunbeam Capital increased its position by 7.3%, now holding 6,476 shares valued at $306,000.
Overall, institutional investors and hedge funds own around 70.71% of Bank of America’s stock, reflecting a strong institutional interest in the financial services company.
Bank of America’s Financial Performance and Dividend Announcement
On December 5, 2023, Bank of America shares opened at $55.81, reflecting a 0.7% decrease in trading. The stock has seen fluctuations over the past year, with a low of $33.06 and a high of $57.55. Current moving averages stand at $54.14 for 50 days and $50.98 for 200 days. The company boasts a market capitalization of $407.52 billion, a PE ratio of 15.21, and a beta of 1.29.
Bank of America also announced a quarterly dividend of $0.28 per share, which was paid on December 26, 2023. Shareholders of record as of December 5 were eligible for this payment, which translates to an annualized dividend of $1.12 and a yield of 2.0%. The company’s current payout ratio is approximately 30.52%.
Recent analyst ratings indicate a positive outlook for Bank of America. Barclays increased its price target from $59.00 to $71.00, maintaining an “overweight” rating. Other firms, including Wells Fargo & Company and Piper Sandler, have also raised their price targets, reflecting confidence in the company’s performance.
At present, one analyst has rated Bank of America with a “Strong Buy,” while twenty-three others have issued a “Buy” rating, and four have assigned a “Hold” rating. According to MarketBeat, the consensus average rating for the company is “Moderate Buy” with a price target of $59.82.
Bank of America Corporation, headquartered in Charlotte, North Carolina, offers a wide range of financial services, including banking, investment, and asset management. Its services cater to individual consumers, small to medium-sized businesses, and large corporations, establishing a significant presence in both domestic and international markets.
For those interested in tracking institutional investments in Bank of America, platforms such as HoldingsChannel.com provide insights into the latest 13F filings and insider trades.
