Swedbank AB Buys 12,930 Shares of Bank of America Corporation $BAC

Swedbank AB grew its position in shares of Bank of America Corporation (NYSE:BAC) by 0.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,602,902 shares of the financial services provider’s stock after purchasing an additional 12,930 shares during the quarter. Swedbank AB’s holdings in Bank of America were worth $598,594,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Brighton Jones LLC increased its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Quantbot Technologies LP bought a new position in shares of Bank of America in the 1st quarter worth about $648,000. AlphaQuest LLC lifted its stake in shares of Bank of America by 808,400.0% in the 1st quarter. AlphaQuest LLC now owns 8,085 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 8,084 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Bank of America by 4.0% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 89,193 shares of the financial services provider’s stock worth $3,722,000 after buying an additional 3,411 shares in the last quarter. Finally, Bank of Hawaii purchased a new stake in Bank of America in the 1st quarter valued at $544,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Royal Bank Of Canada lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. UBS Group upped their target price on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Seaport Global Securities lifted their price target on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Robert W. Baird lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

Bank of America Stock Performance

Shares of BAC opened at $55.97 on Wednesday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.22. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s fifty day moving average price is $53.15 and its two-hundred day moving average price is $50.06. The firm has a market cap of $408.68 billion, a PE ratio of 15.25 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.