Achmea Investment Management B.V. Increases Holdings in Bank of America Corporation $BAC

Achmea Investment Management B.V. grew its holdings in Bank of America Corporation (NYSE:BAC) by 4.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 645,806 shares of the financial services provider’s stock after buying an additional 25,431 shares during the quarter. Achmea Investment Management B.V.’s holdings in Bank of America were worth $30,560,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Deutsche Bank AG lifted its holdings in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the period. Amundi lifted its stake in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after purchasing an additional 894,027 shares in the last quarter. Finally, National Pension Service grew its stake in Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after purchasing an additional 300,944 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Barclays boosted their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Wolfe Research boosted their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Oppenheimer upped their target price on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. The Goldman Sachs Group reduced their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, Piper Sandler raised their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $57.59.

Bank of America Stock Down 2.1%

Shares of NYSE:BAC opened at $52.44 on Thursday. The business has a 50 day simple moving average of $51.22 and a two-hundred day simple moving average of $47.35. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.99. 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 firm has a market capitalization of $382.94 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

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.