Achmea Investment Management B.V. Acquires 201,826 Shares of Bank of America Corporation (NYSE:BAC)

Achmea Investment Management B.V. increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 48.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 620,375 shares of the financial services provider's stock after acquiring an additional 201,826 shares during the quarter. Achmea Investment Management B.V.'s holdings in Bank of America were worth $25,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in shares of Bank of America during the 4th quarter valued at $60,679,000. Arizona State Retirement System lifted its position in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Gradient Investments LLC raised its stake in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after buying an additional 50,296 shares during the period. Finally, Keybank National Association OH lifted its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after buying an additional 38,258 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.4%

Shares of BAC stock opened at $47.51 on Friday. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market capitalization of $357.83 billion, a P/E ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. The stock's fifty day moving average is $43.12 and its two-hundred day moving average is $43.34. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Finally, Piper Sandler decreased their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.56.

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.

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