Alecta Tjanstepension Omsesidigt Boosts Position in Bank of America Corporation (NYSE:BAC)

Alecta Tjanstepension Omsesidigt grew its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 46.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,207,200 shares of the financial services provider's stock after buying an additional 1,956,200 shares during the period. Bank of America comprises 1.5% of Alecta Tjanstepension Omsesidigt's portfolio, making the stock its 25th largest position. Alecta Tjanstepension Omsesidigt owned 0.08% of Bank of America worth $259,151,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BAC. Geode Capital Management LLC boosted its holdings in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter worth approximately $5,226,989,000. Capital World Investors boosted its holdings in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on BAC. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. Finally, Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Trading Up 0.6%

BAC traded up $0.29 during trading on Tuesday, hitting $47.77. 34,728,341 shares of the stock traded hands, compared to its average volume of 40,436,337. The firm has a market capitalization of $359.77 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.85 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm has a 50-day moving average of $45.53 and a 200 day moving average of $43.64. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the business earned $0.83 EPS. Bank of America's revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

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.