Swedbank AB Has $278.05 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Swedbank AB grew its stake in Bank of America Co. (NYSE:BAC) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,991,525 shares of the financial services provider’s stock after acquiring an additional 84,296 shares during the quarter. Swedbank AB owned 0.09% of Bank of America worth $278,053,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in Bank of America during the 4th quarter worth approximately $3,502,000. Tennessee Valley Asset Management Partners acquired a new position in Bank of America during the fourth quarter worth $63,000. Cullen Investment Group LTD. bought a new stake in Bank of America during the fourth quarter worth $1,281,000. Mackenzie Financial Corp lifted its stake in Bank of America by 8.3% in the fourth quarter. Mackenzie Financial Corp now owns 4,031,130 shares of the financial services provider’s stock valued at $135,728,000 after acquiring an additional 310,514 shares during the last quarter. Finally, Keel Point LLC grew its position in shares of Bank of America by 6.9% in the 4th quarter. Keel Point LLC now owns 19,778 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 1,284 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. BMO Capital Markets increased their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Finally, Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.07.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,549,666 shares of company stock valued at $2,403,801,723. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Bank of America stock traded up $0.31 during mid-day trading on Friday, reaching $39.34. 25,911,551 shares of the company were exchanged, compared to its average volume of 39,278,254. The firm has a market cap of $307.65 billion, a PE ratio of 13.58, a PEG ratio of 1.41 and a beta of 1.35. The company has a fifty day simple moving average of $40.21 and a 200-day simple moving average of $37.79. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period last year, the firm earned $0.88 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.64%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.