229,318 Shares in Bank of America Corporation $BAC Bought by Svenska Handelsbanken AB publ

Svenska Handelsbanken AB publ purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 229,318 shares of the financial services provider’s stock, valued at approximately $10,851,000. Bank of America makes up 10.2% of Svenska Handelsbanken AB publ’s portfolio, making the stock its 3rd biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Range Financial Group LLC raised its stake in Bank of America by 4.2% during the 2nd quarter. Range Financial Group LLC now owns 9,521 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 385 shares in the last quarter. Strategic Advocates LLC raised its stake in Bank of America by 8.0% during the 2nd quarter. Strategic Advocates LLC now owns 9,423 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 700 shares in the last quarter. Everpar Advisors LLC raised its stake in Bank of America by 10.1% during the 2nd quarter. Everpar Advisors LLC now owns 17,204 shares of the financial services provider’s stock worth $814,000 after acquiring an additional 1,584 shares in the last quarter. Next Level Private LLC raised its stake in Bank of America by 7.6% during the 2nd quarter. Next Level Private LLC now owns 31,399 shares of the financial services provider’s stock worth $1,486,000 after acquiring an additional 2,208 shares in the last quarter. Finally, Adamsbrown Wealth Consultants LLC grew its position in Bank of America by 6.3% during the 2nd quarter. Adamsbrown Wealth Consultants LLC now owns 11,282 shares of the financial services provider’s stock worth $534,000 after purchasing an additional 664 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $50.60 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market cap of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.34. The company has a 50-day moving average of $48.17 and a two-hundred day moving average of $44.31. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $51.09.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. As a group, research analysts predict 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 given a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BAC. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. 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. Finally, Oppenheimer raised their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 30th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.39.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

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.