Handelsbanken Fonder AB Sells 91,138 Shares of Bank of America Co. (NYSE:BAC)

Handelsbanken Fonder AB decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the 1st quarter, HoldingsChannel reports. The fund owned 2,595,046 shares of the financial services provider’s stock after selling 91,138 shares during the period. Handelsbanken Fonder AB’s holdings in Bank of America were worth $108,291,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Avalon Trust Co increased its stake in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC raised its stake in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the last quarter. Consolidated Planning Corp lifted its holdings in shares of Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 226 shares in the last quarter. TAGStone Capital Inc. grew its holdings in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after buying an additional 227 shares in the last quarter. Finally, TFB Advisors LLC raised its position in Bank of America by 3.8% in the 4th quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock valued at $279,000 after buying an additional 230 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.1%

Shares of Bank of America stock opened at $44.93 on Tuesday. The company has a 50 day simple moving average of $40.78 and a two-hundred day simple moving average of $43.44. 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 firm has a market cap of $338.41 billion, a PE ratio of 13.95, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is 30.95%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Finally, Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.50.

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.