World Equity Group Inc. has significantly increased its investment in Bank of America Corporation (NYSE: BAC) by **21.8%** during the third quarter of 2023. This expansion was detailed in the company’s recent Form 13F filing with the **Securities and Exchange Commission (SEC)**. Following the acquisition of an additional **13,119 shares**, World Equity now holds **73,188 shares** of the financial services giant, making Bank of America its **22nd largest position** at **$3,779,000**.
The latest filing highlights a growing trend among institutional investors and hedge funds, many of whom have also adjusted their stakes in Bank of America. Notably, **Norges Bank** took a significant step by establishing a new position valued at approximately **$5.09 billion** in the second quarter. Similarly, **Arrowstreet Capital Limited Partnership** expanded its holdings by **124.8%**, now owning **17,619,837 shares** worth about **$833.77 million** after acquiring an additional **9,782,208 shares**.
Other notable investments include **ABN AMRO Bank N.V.**, which purchased shares valued at **$202.44 million**, and **OMERS ADMINISTRATION Corp**, which increased its stake by an impressive **881.5%**, bringing its total to **4,210,388 shares** valued at **$199.24 million**. Additionally, **Kingstone Capital Partners Texas LLC** established a new stake worth approximately **$164.62 million**. Currently, institutional investors and hedge funds control **70.71%** of Bank of America’s stock.
Recent Earnings and Market Response
Bank of America’s stock recently saw a slight decline of **0.7%**, following the announcement of its earnings results on **October 15, 2023**. The company reported earnings of **$1.06 per share**, surpassing analysts’ expectations of **$0.93** by **$0.13**. The financial institution generated revenues of **$5.35 billion**, compared to the consensus estimate of **$27.05 billion**.
The third-quarter performance marked an uptick of **10.8%** in revenue compared to the same period last year. The company reported a return on equity of **10.76%** and a net margin of **15.70%**. Analysts predict that Bank of America will achieve an earnings per share (EPS) of **3.7** for the current fiscal year.
Dividend and Analyst Ratings
In addition to its quarterly results, Bank of America declared a **$0.28 per share** dividend, which was paid to shareholders on **December 26, 2023**. Stockholders of record on **December 5, 2023** were eligible for this distribution, resulting in an annualized dividend of **$1.12** and a yield of **2.0%**. The company’s current payout ratio stands at **30.52%**.
Wall Street analysts continue to remain optimistic about Bank of America’s performance. In recent reports, **Royal Bank of Canada** raised its target price from **$56.00** to **$59.00**, maintaining an “outperform” rating. **JPMorgan Chase & Co.** increased its target price from **$58.00** to **$61.00** and assigned an “overweight” rating. Other analysts, including **Goldman Sachs Group**, have also expressed similar confidence, raising their price target from **$58.00** to **$64.00**, while maintaining a “buy” rating.
Currently, one analyst has assigned a “Strong Buy” rating to the stock, while twenty-three others have issued a “Buy” rating, and four have categorized it as a “Hold.” According to **MarketBeat**, Bank of America holds an average rating of “Moderate Buy” with a price target of **$59.82**.
Bank of America Corporation is headquartered in **Charlotte, North Carolina**, and offers a wide range of financial services, including banking, investment, and asset management. Its extensive offerings serve individual consumers, businesses, governments, and institutional investors across various sectors.
