Alecta Tjanstepension Omsesidigt Purchases New Shares in Bank of America Co. (NYSE:BAC)

Alecta Tjanstepension Omsesidigt acquired a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,251,000 shares of the financial services provider’s stock, valued at approximately $186,916,000. Alecta Tjanstepension Omsesidigt owned approximately 0.06% of Bank of America at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Collier Financial acquired a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter worth $42,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. Morgan Stanley increased their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 0.0 %

BAC stock opened at $43.96 on Thursday. The firm’s 50-day moving average is $45.72 and its two-hundred day moving average is $43.50. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $337.28 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $33.71 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.