Skandinaviska Enskilda Banken AB publ Has $91.79 Million Stake in Bank of America Corporation $BAC

Skandinaviska Enskilda Banken AB publ reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,779,654 shares of the financial services provider’s stock after selling 232,702 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Bank of America were worth $91,786,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 6,174 shares during the period. Signature Estate & Investment Advisors LLC increased its stake in shares of Bank of America by 6.0% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 12,476 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 701 shares in the last quarter. Balboa Wealth Partners acquired a new position in shares of Bank of America during the 2nd quarter valued at $385,000. Finally, FLC Capital Advisors boosted its stake in Bank of America by 24.5% during the second quarter. FLC Capital Advisors now owns 45,343 shares of the financial services provider’s stock worth $2,146,000 after acquiring an additional 8,936 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 0.0%

BAC stock opened at $52.53 on Tuesday. The firm has a market capitalization of $383.59 billion, a PE ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. 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 Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The stock’s 50 day moving average is $54.40 and its 200-day moving average is $52.11.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same quarter in the prior year, the company posted $0.82 earnings per share. Bank of America’s revenue was up 12.3% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be issued a $0.28 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is currently 29.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, January 15th. Piper Sandler boosted their target price on Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. Evercore set a $59.00 price target on Bank of America in a report on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, January 27th. Finally, Robert W. Baird increased their target price on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Twenty-two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.30.

Bank of America Company Profile

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.