Nordea Investment Management AB Boosts Holdings in Bank of America Co. (NYSE:BAC)

Nordea Investment Management AB increased its stake in Bank of America Co. (NYSE:BAC) by 7.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,539,680 shares of the financial services provider’s stock after acquiring an additional 109,386 shares during the period. Nordea Investment Management AB’s holdings in Bank of America were worth $67,623,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Two Sigma Advisers LP raised its position in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in shares of Bank of America in the 3rd quarter worth about $174,858,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Oppenheimer lowered their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 1.5 %

BAC stock opened at $46.10 on Wednesday. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The business has a 50 day simple moving average of $45.30 and a two-hundred day simple moving average of $42.09. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $353.72 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is currently 37.82%.

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.