Livforsakringsbolaget Skandia Omsesidigt Buys 5,965 Shares of Bank of America Co. (NYSE:BAC)

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Bank of America Co. (NYSE:BAC) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,917 shares of the financial services provider’s stock after purchasing an additional 5,965 shares during the period. Bank of America accounts for approximately 1.1% of Livforsakringsbolaget Skandia Omsesidigt’s holdings, making the stock its 14th largest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $11,644,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Fortis Group Advisors LLC bought a new position in Bank of America during the third quarter worth about $25,000. Castleview Partners LLC bought a new position in Bank of America during the first quarter worth about $28,000. Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners bought a new position in Bank of America during the fourth quarter worth about $39,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BAC shares. UBS Group restated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $38.23.

Bank of America Stock Up 1.5 %

Shares of NYSE:BAC traded up $0.54 during midday trading on Wednesday, reaching $35.22. The company had a trading volume of 65,935,560 shares, compared to its average volume of 41,550,309. The business’s 50 day moving average price is $35.51 and its 200 day moving average price is $32.19. The stock has a market cap of $277.87 billion, a PE ratio of 11.47, a P/E/G ratio of 1.64 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Research analysts forecast that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.