Andra AP fonden Increases Position in Bank of America Corporation $BAC

Andra AP fonden lifted its stake in Bank of America Corporation (NYSE:BAC) by 517.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,000 shares of the financial services provider’s stock after purchasing an additional 35,200 shares during the period. Andra AP fonden’s holdings in Bank of America were worth $1,987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wealth Advisory Solutions LLC boosted its stake in shares of Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares in the last quarter. Ballast Advisors LLC raised its holdings in Bank of America by 4.1% during the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 218 shares during the last quarter. Cyndeo Wealth Partners LLC raised its holdings in Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the last quarter. Centurion Wealth Management LLC boosted its position in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Daiwa Capital Markets boosted their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Barclays upped their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. TD Cowen raised their price objective on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group lifted their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Seaport Global Securities increased their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Down 0.1%

Shares of NYSE:BAC opened at $53.22 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $388.62 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.99 and a beta of 1.34. The stock’s 50-day moving average price is $51.33 and its two-hundred day moving average price is $47.57. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.99.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The company’s revenue was up 10.8% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

About Bank of America

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.