Livforsakringsbolaget Skandia Omsesidigt Sells 85,200 Shares of Bank of America Corporation $BAC

Key Points

• Livforsakringsbolaget Skandia Omsesidigt has reduced its stake in Bank of America by 22.5%, selling 85,200 shares, leaving it with 293,567 shares valued at approximately $13.9 million.
• Bank of America recently announced an increase in its quarterly dividend from $0.26 to $0.28 per share, reflecting a 2.1% yield.
• Analysts have mixed opinions on Bank of America, with ratings ranging from "buy" to "hold," and an average target price of $50.61.

Livforsakringsbolaget Skandia Omsesidigt decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 22.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 293,567 shares of the financial services provider's stock after selling 85,200 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Bank of America were worth $13,877,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Kingstone Capital Partners Texas LLC bought a new stake in Bank of America in the second quarter valued at about $164,623,000. IFM Investors Pty Ltd raised its holdings in Bank of America by 8.8% in the second quarter. IFM Investors Pty Ltd now owns 1,402,856 shares of the financial services provider's stock worth $66,383,000 after purchasing an additional 113,214 shares during the period. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Bank of America in the 2nd quarter valued at $85,000. Moody National Bank Trust Division raised its stake in Bank of America by 1.5% during the 2nd quarter. Moody National Bank Trust Division now owns 94,245 shares of the financial services provider's stock worth $4,460,000 after buying an additional 1,366 shares during the period. Finally, Security National Bank grew its stake in Bank of America by 810.9% in the second quarter. Security National Bank now owns 2,505 shares of the financial services provider's stock valued at $119,000 after acquiring an additional 2,230 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and lifted their price target for the company from $47.00 to $51.00 in a research note on Monday, July 7th. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $50.61.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Up 1.5%

BAC stock opened at $52.17 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.19. The business has a 50-day simple moving average of $48.44 and a 200 day simple moving average of $44.45. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market cap of $386.42 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last issued its 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 net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the company earned $0.83 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America's dividend payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.

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