AMF Tjanstepension AB Has $265.07 Million Stake in Bank of America Co. (NYSE:BAC)

AMF Tjanstepension AB lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 28.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,679,251 shares of the financial services provider’s stock after selling 2,648,081 shares during the period. Bank of America accounts for about 1.9% of AMF Tjanstepension AB’s portfolio, making the stock its 15th largest position. AMF Tjanstepension AB’s holdings in Bank of America were worth $265,065,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Delos Wealth Advisors LLC grew its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new position in shares of Bank of America in the 2nd quarter worth $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the 4th quarter valued at $28,000. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth about $30,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on BAC shares. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer increased their price target on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday. Evercore ISI increased their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley cut their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Up 0.0 %

BAC stock opened at $39.23 on Thursday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock has a fifty day moving average of $39.44 and a 200-day moving average of $39.09. The company has a market capitalization of $306.79 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by company insiders.

Bank of America 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.