Fjarde AP Fonden Fourth Swedish National Pension Fund Purchases 647,950 Shares of Bank of America Corporation $BAC

Key Points

• Fjarde AP Fonden increased its Bank of America stake by 58.2% in the first quarter, buying 647,950 additional shares to bring its total holding to 1,761,130 shares valued at about $85.9 million.
• Bank of America reported better-than-expected Q1 earnings, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% from a year ago.
• Analysts remain broadly positive on BAC: the stock has a Moderate Buy consensus rating, with 21 Buy ratings and an average price target of $61.60, while the company also recently paid a quarterly dividend of $0.28 per share.

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Bank of America Corporation (NYSE:BAC) by 58.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,761,130 shares of the financial services provider's stock after purchasing an additional 647,950 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Bank of America were worth $85,855,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Abound Financial LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the third quarter worth approximately $27,000. Legacy Bridge LLC grew its position in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America during the fourth quarter worth approximately $32,000. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.5%

Shares of BAC opened at $58.67 on Friday. The stock has a market capitalization of $416.35 billion, a P/E ratio of 14.52, a PEG ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a fifty day simple moving average of $53.71 and a two-hundred day simple moving average of $52.78.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America's payout ratio is currently 27.72%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Morgan Stanley upped their price objective on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday. Piper Sandler boosted their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. The Goldman Sachs Group upped their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Citigroup raised their price objective on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts continue to view BAC as undervalued, with Morgan Stanley recently raising its price target and calling the stock attractive relative to peers, which supports the bullish case for the shares. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Positive Sentiment: The bank’s recent earnings strength and expectations for another strong quarter remain a key tailwind, with investors focusing on continued profit growth and solid revenue trends ahead of the next report. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Neutral Sentiment: Several articles framed BAC as a reasonable value-and-income play versus Wells Fargo and highlighted ongoing strength in the megabank group, but these pieces are more comparative than company-specific catalysts. More Bang for Your Buck: Is Bank of America or Wells Fargo the Better Value-and-Income Buy?
• Neutral Sentiment: Bank of America’s own strategists have been active in market commentary, including warnings about a possible S&P 500 correction and broader rotation into “boring” stocks, but those views mainly reflect macro positioning rather than a direct BAC earnings catalyst. S&P 500 Faces Risk of a ‘Three-Wave Correction,’ Warns Bank of America
• Negative Sentiment: Senate Democrats are asking the Fed inspector general to review whether a Fed official violated rules by speaking at a private Bank of America client dinner, creating a modest regulatory and reputational overhang for BAC. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was also fined by the SEC, which adds to headline risk even though the penalty appears relatively limited in size. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.27% of the stock is owned by insiders.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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