Avanza Fonder AB Has $25.94 Million Stake in Bank of America Corporation $BAC

Avanza Fonder AB grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 502,889 shares of the financial services provider’s stock after buying an additional 42,979 shares during the period. Bank of America makes up 0.7% of Avanza Fonder AB’s portfolio, making the stock its 20th biggest position. Avanza Fonder AB’s holdings in Bank of America were worth $25,944,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Covea Finance raised its position in shares of Bank of America by 12.6% in the 3rd quarter. Covea Finance now owns 762,400 shares of the financial services provider’s stock valued at $39,332,000 after acquiring an additional 85,300 shares during the period. Rainier Family Wealth Inc. increased its stake in Bank of America by 4.1% in the third quarter. Rainier Family Wealth Inc. now owns 6,656 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 260 shares in the last quarter. Borer Denton & Associates Inc. raised its holdings in Bank of America by 0.5% in the third quarter. Borer Denton & Associates Inc. now owns 192,398 shares of the financial services provider’s stock worth $9,926,000 after purchasing an additional 975 shares during the period. V. M. Manning & CO. Inc. bought a new position in shares of Bank of America during the third quarter worth $238,000. Finally, VCI Wealth Management LLC grew its holdings in shares of Bank of America by 27.3% in the 3rd quarter. VCI Wealth Management LLC now owns 53,512 shares of the financial services provider’s stock valued at $2,761,000 after buying an additional 11,474 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Wells Fargo & Company increased their target price on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Performance

Shares of BAC opened at $56.29 on Friday. The company has a market cap of $411.06 billion, a PE ratio of 15.34 and a beta of 1.30. The firm has a 50-day moving average of $53.35 and a 200-day moving average of $50.14. Bank of America Corporation has a one year low of $33.06 and a one year high of $56.50. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating 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 $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. Bank of America’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced 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. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.