Handelsbanken Fonder AB Sells 91,138 Shares of Bank of America Co. (NYSE:BAC)

Handelsbanken Fonder AB lowered its position in Bank of America Co. (NYSE:BAC - Free Report) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,595,046 shares of the financial services provider's stock after selling 91,138 shares during the quarter. Handelsbanken Fonder AB's holdings in Bank of America were worth $108,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter worth about $25,000. Collier Financial bought a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter worth approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter valued at $31,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 1.3%

BAC traded down $0.59 during midday trading on Friday, reaching $44.04. 43,276,878 shares of the company were exchanged, compared to its average volume of 39,751,325. The company has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company's fifty day moving average price is $41.50 and its 200 day moving average price is $43.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America's payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Cfra Research lifted their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Royal Bank of Canada dropped their price objective on 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. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.69.

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.