Bank of America Corporation $BAC Shares Sold by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 81.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,917 shares of the financial services provider’s stock after selling 309,850 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $3,261,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter valued at about $30,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $34,000. Wood Tarver Financial Group LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Bank of America during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group raised their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Finally, Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.39.

Bank of America Price Performance

Shares of BAC opened at $50.60 on Tuesday. The firm has a market cap of $374.79 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. The firm’s 50 day moving average price is $48.17 and its 200 day moving average price is $44.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $51.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 earnings per share. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a share buyback plan 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 reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is 32.75%.

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.