Livforsakringsbolaget Skandia Omsesidigt Cuts Position in Bank of America Co. (NYSE:BAC)

Livforsakringsbolaget Skandia Omsesidigt lessened its position in shares of Bank of America Co. (NYSE:BAC) by 0.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 459,867 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Bank of America comprises 1.1% of Livforsakringsbolaget Skandia Omsesidigt’s portfolio, making the stock its 12th biggest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $20,211,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Bank of America by 7.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,092,694 shares of the financial services provider’s stock worth $48,024,000 after purchasing an additional 80,210 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock worth $696,940,000 after purchasing an additional 285,117 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $5,751,000. Leo Wealth LLC boosted its holdings in shares of Bank of America by 5.0% in the 4th quarter. Leo Wealth LLC now owns 12,600 shares of the financial services provider’s stock worth $554,000 after purchasing an additional 604 shares during the period. Finally, Consolidated Portfolio Review Corp boosted its holdings in shares of Bank of America by 4.7% in the 4th quarter. Consolidated Portfolio Review Corp now owns 13,478 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 607 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Up 1.3 %

Shares of Bank of America stock opened at $47.74 on Friday. The firm’s 50 day moving average price is $45.78 and its 200-day moving average price is $42.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a market cap of $366.33 billion, a P/E ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.