Bank of America Co. (NYSE:BAC) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB increased its stake in shares of Bank of America Co. (NYSE:BAC) by 11.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,686,184 shares of the financial services provider’s stock after buying an additional 271,571 shares during the quarter. Handelsbanken Fonder AB’s holdings in Bank of America were worth $118,058,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at $25,000. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $42,000. Finally, POM Investment Strategies LLC lifted its position in shares of Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,006 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.1 %

Shares of NYSE:BAC opened at $46.03 on Thursday. The stock’s fifty day moving average price is $45.79 and its 200-day moving average price is $43.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $353.14 billion, a P/E ratio of 14.29, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm posted $0.70 EPS. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company 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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.