Bank of America Co. (NYSE:BAC) Shares Sold by AMF Tjanstepension AB

AMF Tjanstepension AB decreased its stake in Bank of America Co. (NYSE:BAC) by 35.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 880,241 shares of the financial services provider’s stock after selling 477,888 shares during the quarter. AMF Tjanstepension AB’s holdings in Bank of America were worth $33,379,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Rossmore Private Capital lifted its stake in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the period. Chemistry Wealth Management LLC increased its position in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after buying an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC boosted its position in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group grew its stake in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Finally, Private Ocean LLC increased its holdings in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.3 %

Shares of BAC traded up $0.52 during trading hours on Friday, hitting $39.77. The stock had a trading volume of 50,584,278 shares, compared to its average volume of 38,957,273. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.34. The firm has a market cap of $311.02 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.49 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s fifty day simple moving average is $38.91 and its 200 day simple moving average is $36.06.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, UBS Group reissued a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $39.79.

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.