Livforsakringsbolaget Skandia Omsesidigt lessened its stake in shares of Bank of America Co. (NYSE:BAC – Free Report) by 9.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 355,552 shares of the financial services provider’s stock after selling 35,600 shares during the quarter. Bank of America comprises about 1.1% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its 14th biggest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $10,201,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Roundview Capital LLC boosted its stake in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after acquiring an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC increased its position in Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank purchased a new position in shares of Bank of America during the 1st quarter valued at about $586,000. Finally, Pearl River Capital LLC bought a new position in shares of Bank of America during the 1st quarter valued at approximately $534,000. 68.06% of the stock is owned by hedge funds and other institutional investors.
Bank of America Price Performance
BAC traded up $0.45 during trading on Thursday, hitting $29.33. The company’s stock had a trading volume of 11,146,533 shares, compared to its average volume of 49,048,816. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $233.07 billion, a price-to-earnings ratio of 8.30, a P/E/G ratio of 1.18 and a beta of 1.37. The business’s fifty day simple moving average is $29.96 and its 200 day simple moving average is $29.33. Bank of America Co. has a twelve month low of $26.32 and a twelve month high of $38.60.
Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.04. The business had revenue of $25.20 billion for the quarter, compared to analyst estimates of $24.98 billion. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.73 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.41 EPS for the current fiscal year.
Bank of America Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Thursday, August 31st. Bank of America’s payout ratio is currently 27.59%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on BAC. Morgan Stanley lifted their target price on shares of Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Oppenheimer cut their price objective on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. Wells Fargo & Company decreased their target price on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 23rd. HSBC assumed coverage on Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, BMO Capital Markets cut their price objective on Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $36.31.
Read Our Latest Stock Report on Bank of America
Insider Activity at Bank of America
In other Bank of America news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares in the company, valued at approximately $5,836,455.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the sale, the insider now directly owns 353,971 shares of the company’s stock, valued at approximately $11,143,007.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now owns 185,108 shares in the company, valued at $5,836,455.24. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.
Bank of America 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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