Livforsakringsbolaget Skandia Omsesidigt Has $18.30 Million Holdings in Bank of America Co. (NYSE:BAC)

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 34.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 461,267 shares of the financial services provider’s stock after buying an additional 117,850 shares during the period. Bank of America accounts for about 1.0% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its 16th biggest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $18,303,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BAC. American National Bank & Trust Co. VA acquired a new stake in Bank of America in the first quarter worth $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Foster Group Inc. grew its stake in shares of Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after buying an additional 1,457 shares during the period. Councilmark Asset Management LLC bought a new stake in Bank of America in the 1st quarter valued at about $771,000. Finally, SteelPeak Wealth LLC boosted its holdings in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the transaction, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 160,921,082 shares of company stock valued at $6,582,343,525 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BAC. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Jefferies Financial Group upped their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Trading Up 5.0 %

NYSE BAC opened at $41.95 on Friday. The stock has a market capitalization of $325.51 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.39 and a beta of 1.33. The business’s fifty day moving average is $39.41 and its 200-day moving average is $39.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is 36.62%.

About Bank of America

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.