AMF Tjanstepension AB Has $249.41 Million Stock Position in Bank of America Co. (NYSE:BAC)

AMF Tjanstepension AB reduced its holdings in Bank of America Co. (NYSE:BAC) by 15.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,674,003 shares of the financial services provider’s stock after selling 1,005,248 shares during the period. Bank of America comprises about 1.8% of AMF Tjanstepension AB’s holdings, making the stock its 18th largest holding. AMF Tjanstepension AB owned approximately 0.07% of Bank of America worth $249,405,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Lederer & Associates Investment Counsel CA lifted its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC boosted its position in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the period. Keudell Morrison Wealth Management boosted its position in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC grew its stake in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BAC shares. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday. Finally, Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $41.39 on Friday. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business has a fifty day moving average of $45.61 and a 200-day moving average of $43.68. The firm has a market cap of $314.72 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is 32.30%.

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.