AMF Tjanstepension AB Has $228.14 Million Holdings in Bank of America Corporation (NYSE:BAC)

AMF Tjanstepension AB lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,465,685 shares of the financial services provider's stock after selling 208,318 shares during the period. Bank of America accounts for 1.7% of AMF Tjanstepension AB's holdings, making the stock its 18th biggest holding. AMF Tjanstepension AB owned about 0.07% of Bank of America worth $228,142,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $34,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after buying an additional 276 shares during the period. Finally, Wood Tarver Financial Group LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $38,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Bank of America Stock Down 1.2%

BAC opened at $44.87 on Friday. 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 company's 50-day moving average is $46.39 and its 200 day moving average is $43.78. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The firm has a market capitalization of $332.34 billion, a P/E ratio of 13.12, a PEG ratio of 1.76 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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 company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the firm earned $0.83 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is 30.41%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group raised their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Truist Financial raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Citigroup raised their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Finally, Cfra Research raised their price target on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $50.13.

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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