Achmea Investment Management B.V. Sells 4,873 Shares of Bank of America Co. (NYSE:BAC)

Achmea Investment Management B.V. lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382,040 shares of the financial services provider’s stock after selling 4,873 shares during the period. Achmea Investment Management B.V.’s holdings in Bank of America were worth $15,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $3,734,407,000. Vanguard Group Inc. lifted its position in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, AMF Tjanstepension AB increased its holdings in Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Royal Bank of Canada lifted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Morgan Stanley lifted their price target on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.7 %

Shares of Bank of America stock opened at $39.00 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day simple moving average of $40.22 and a two-hundred day simple moving average of $38.64. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a market capitalization of $304.99 billion, a price-to-earnings ratio of 13.49, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. Research analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.67%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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.