Forsta AP Fonden Sells 89,200 Shares of Bank of America Corporation (NYSE:BAC)

Forsta AP Fonden reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,654,900 shares of the financial services provider's stock after selling 89,200 shares during the quarter. Bank of America makes up 0.5% of Forsta AP Fonden's investment portfolio, making the stock its 26th largest holding. Forsta AP Fonden's holdings in Bank of America were worth $69,059,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Capital World Investors grew its stake in 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 valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Deutsche Bank AG lifted its position in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Northern Trust Corp grew its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Bank of America by 31.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock worth $1,716,318,000 after purchasing an additional 9,258,040 shares during the period. Institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Truist Financial upped their price target on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. One investment 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.13.

Bank of America Stock Down 1.2%

NYSE BAC opened at $44.87 on Friday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The company has a market capitalization of $332.34 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.76 and a beta of 1.31. The stock's 50 day moving average is $46.39 and its two-hundred day moving average is $43.78. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. Bank of America's quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts forecast 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 approved a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.5%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 30.41%.

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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