Livforsakringsbolaget Skandia Omsesidigt Has $15.81 Million Position in Bank of America Co. (NYSE:BAC)

Livforsakringsbolaget Skandia Omsesidigt lessened its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 17.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 378,767 shares of the financial services provider's stock after selling 81,100 shares during the quarter. Bank of America accounts for approximately 0.9% of Livforsakringsbolaget Skandia Omsesidigt's holdings, making the stock its 19th largest holding. Livforsakringsbolaget Skandia Omsesidigt's holdings in Bank of America were worth $15,806,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BAC. Accurate Wealth Management LLC raised its holdings in shares of Bank of America by 14.3% in the first quarter. Accurate Wealth Management LLC now owns 35,332 shares of the financial services provider's stock valued at $1,474,000 after purchasing an additional 4,422 shares during the last quarter. Fiduciary Financial Group LLC increased its stake in Bank of America by 14.0% in the 1st quarter. Fiduciary Financial Group LLC now owns 20,834 shares of the financial services provider's stock valued at $869,000 after buying an additional 2,563 shares during the last quarter. Simplicity Wealth LLC increased its position in shares of Bank of America by 821.7% in the first quarter. Simplicity Wealth LLC now owns 63,576 shares of the financial services provider's stock valued at $2,653,000 after acquiring an additional 56,678 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider's stock valued at $4,654,000 after acquiring an additional 8,435 shares during the last quarter. Finally, Signet Financial Management LLC increased its position in shares of Bank of America by 0.6% in the first quarter. Signet Financial Management LLC now owns 124,943 shares of the financial services provider's stock valued at $5,214,000 after acquiring an additional 690 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. Piper Sandler lowered their price target on 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. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Argus lowered their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Stock Performance

NYSE BAC traded down $0.12 on Thursday, reaching $44.61. The stock had a trading volume of 19,765,114 shares, compared to its average volume of 43,231,738. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day moving average of $41.14 and a two-hundred day moving average of $43.46. Bank of America Co. has a 1-year low of $33.06 and a 1-year high of $48.08. The company has a market cap of $336.00 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America's payout ratio is presently 30.95%.

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.