BI Asset Management Fondsmaeglerselskab A S Raises Stake in Bank of America Corporation $BAC

BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 36.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 470,567 shares of the financial services provider’s stock after acquiring an additional 125,127 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Bank of America were worth $22,267,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of BAC. Wealth Advisory Solutions LLC boosted its holdings in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Ballast Advisors LLC raised its position in shares of Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after buying an additional 218 shares during the period. AllSquare Wealth Management LLC lifted its holdings in Bank of America by 1.0% in the second quarter. AllSquare Wealth Management LLC now owns 23,072 shares of the financial services provider’s stock valued at $1,092,000 after acquiring an additional 220 shares during the last quarter. Cyndeo Wealth Partners LLC increased its stake 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 acquiring an additional 221 shares during the last quarter. Finally, Wealth Preservation Advisors LLC raised its position in Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $55.14 on Friday. The company has a market cap of $402.66 billion, a P/E ratio of 15.02 and a beta of 1.30. The firm has a fifty day moving average price of $52.39 and a 200 day moving average price of $49.45. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $55.30.

Bank of America (NYSE:BAC) last issued its earnings results 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. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is 30.52%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley lowered their price target on Bank of America from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Friday. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Piper Sandler upped their price objective on shares of Bank of America from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday. The Goldman Sachs Group dropped their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, JPMorgan Chase & Co. upped their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.86.

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.