Swedbank AB Grows Position in Bank of America Corporation $BAC

by · The Cerbat Gem

Swedbank AB grew its position in Bank of America Corporation (NYSE:BAC) by 5.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,484,428 shares of the financial services provider’s stock after acquiring an additional 644,103 shares during the quarter. Swedbank AB’s holdings in Bank of America were worth $608,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of BAC. Abound Financial LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter worth approximately $27,000. Legacy Bridge LLC increased its stake 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 worth $28,000 after acquiring an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in Bank of America during the fourth quarter valued at approximately $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Daiwa Securities Group increased their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Piper Sandler raised their price target on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research note on Monday. Finally, Evercore set a $63.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.19.

Get Our Latest Stock Analysis on BAC

Key Headlines Impacting Bank of America

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

  • Positive Sentiment: UBS Group AG raised its price target on Bank of America (BAC) to $68 from $63 and reiterated a Buy rating, signaling confidence in further upside. Benzinga
  • Positive Sentiment: Wells Fargo & Company issued a positive forecast for Bank of America (BAC) and lifted its price target to $67, reinforcing a constructive view ahead of earnings. American Banking News
  • Positive Sentiment: Bank of America is nearing its earnings release, and expectations have been rising alongside the broader bank-stock rally, which may support sentiment if results come in strong. American Banking News
  • Neutral Sentiment: News that major U.S. banks may explore acquiring Fiserv’s debit card network includes Bank of America (BAC), but the talks are preliminary and no deal has been announced. Reuters
  • Negative Sentiment: Some commentary frames BAC as overvalued or “fundamentally challenged,” which could temper enthusiasm if investors begin to focus more on valuation than momentum. Yahoo Finance

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Bank of America Trading Up 0.6%

Shares of BAC traded up $0.35 during mid-day trading on Tuesday, reaching $60.25. 10,285,700 shares of the company’s stock traded hands, compared to its average volume of 38,946,027. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s 50-day moving average is $53.82 and its two-hundred day moving average is $52.80. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $60.83. The stock has a market cap of $427.60 billion, a P/E ratio of 14.89, a P/E/G ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period last year, the company earned $0.90 EPS. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America Profile

(Free Report)

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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