Bank of America Corporation $BAC Shares Sold by Danica Pension Livsforsikringsaktieselskab

Key Points

• Danica Pension cut its Bank of America stake by 7% in the third quarter, selling 124,354 shares. It retained 1,657,510 shares, valued at about $90.2 million.
• Bank of America reported quarterly EPS of $1.08 and revenue of $29.96 billion, both below analyst expectations, although revenue increased 3.2% year over year.
• The bank declared a quarterly dividend of $0.32 per share, equivalent to a 2.5% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $62.48 average price target.

Danica Pension Livsforsikringsaktieselskab reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,657,510 shares of the financial services provider's stock after selling 124,354 shares during the quarter. Bank of America accounts for 1.5% of Danica Pension Livsforsikringsaktieselskab's holdings, making the stock its 12th largest position. Danica Pension Livsforsikringsaktieselskab's holdings in Bank of America were worth $90,218,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. purchased a new stake in Bank of America in the 2nd quarter worth approximately $25,000. Cherry Tree Wealth Management LLC raised its position in shares of Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock worth $27,000 after acquiring an additional 300 shares during the period. Principia Wealth Advisory LLC raised its position in shares of Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after acquiring an additional 218 shares during the period. Balance Wealth Partners LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $33,000. Finally, Frazier Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC traded up $0.49 during mid-day trading on Friday, hitting $51.01. 19,987,219 shares of the company were exchanged, compared to its average volume of 37,279,760. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The company has a 50 day moving average of $54.07 and a 200-day moving average of $54.86. The stock has a market cap of $351.95 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 0.89 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The company had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. During the same period in the prior year, the business posted $1.06 earnings per share. The company's quarterly revenue was up 3.2% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Bank of America's dividend payout ratio is presently 30.40%.

Recent Bank of America Headlines

Investors following BAC have been watching these headlines:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030, citing expected support from net interest income, loan growth and expense discipline. The outlook reinforces the bank’s longer-term profitability ambitions. Article: BAC Reaffirms 16-18% ROTCE Target
• Positive Sentiment: The bank extended its co-branded credit-card partnership with Allegiant into the next decade, supporting continued card and customer-rewards business. Article: Allegiant and Bank of America Extend Co-Branded Credit Card Partnership
• Negative Sentiment: Reports say Bank of America will settle a lawsuit over allegations that it opened thousands of unauthorized accounts between 2012 and 2023. The settlement’s terms were not included in the supplied report; the matter carries potential reputational and financial risk. Article: BofA to Settle Fake-Accounts Lawsuit

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BAC shares. Phillip Securities upgraded Bank of America to a "strong-buy" rating in a research report on Friday, October 16th. Rothschild & Co Redburn set a $72.00 price target on Bank of America in a report on Tuesday, October 6th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Wells Fargo & Company lowered their price target on Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a research report on Thursday, October 15th. Finally, Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price objective on the stock in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.48.

About Bank of America

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

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