Varma Mutual Pension Insurance Co Increases Stake in Bank of America Co. (NYSE:BAC)

Varma Mutual Pension Insurance Co lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 11.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,186 shares of the financial services provider’s stock after buying an additional 11,337 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Bank of America were worth $3,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Snider Financial Group grew its holdings in Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after purchasing an additional 11,332,721 shares during the period. Capital Research Global Investors purchased a new stake in Bank of America in the first quarter worth about $395,481,000. Vanguard Group Inc. grew its holdings in Bank of America by 0.9% in the first quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock worth $24,369,557,000 after purchasing an additional 5,015,041 shares during the period. Finally, Cowa LLC grew its holdings in Bank of America by 10,232.5% in the first quarter. Cowa LLC now owns 3,043,114 shares of the financial services provider’s stock worth $1,254,000 after purchasing an additional 3,013,662 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.12 on Thursday, hitting $37.61. 18,934,684 shares of the company’s stock were exchanged, compared to its average volume of 34,583,556. The company has a 50-day simple moving average of $34.26 and a 200-day simple moving average of $34.06. The stock has a market capitalization of $301.72 billion, a PE ratio of 11.90, a PEG ratio of 1.68 and a beta of 1.38. Bank of America Co. has a 1 year low of $29.31 and a 1 year high of $50.11. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 0.76.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings results on Monday, October 17th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. The business had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $23.46 billion. Bank of America had a net margin of 26.52% and a return on equity of 11.36%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, December 1st. Bank of America’s dividend payout ratio (DPR) is 27.85%.

Insider Activity at Bank of America

In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total transaction of $95,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.26% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. StockNews.com initiated coverage on shares of Bank of America in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $35.50 to $39.00 in a report on Wednesday, November 2nd. Morgan Stanley cut their price target on shares of Bank of America from $40.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 5th. The Goldman Sachs Group cut their price target on shares of Bank of America from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, October 4th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.68.

Bank of America Company Profile

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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