Livforsakringsbolaget Skandia Omsesidigt Sells 309,850 Shares of Bank of America Corporation $BAC

Livforsakringsbolaget Skandia Omsesidigt decreased its position in Bank of America Corporation (NYSE:BAC) by 81.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,917 shares of the financial services provider’s stock after selling 309,850 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $3,261,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Centurion Wealth Management LLC boosted its stake in shares of Bank of America by 2.3% in the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 225 shares in the last quarter. Nova Wealth Management Inc. boosted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Continuum Advisory LLC boosted its stake in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 237 shares in the last quarter. Cape Investment Advisory Inc. boosted its stake in shares of Bank of America by 1.9% in the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 238 shares in the last quarter. Finally, Menard Financial Group LLC boosted its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after purchasing an additional 240 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $50.60 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market cap of $374.79 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.34. The stock has a 50-day moving average of $48.17 and a 200-day moving average of $44.31. Bank of America Corporation has a one year low of $33.06 and a one year high of $51.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating 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 return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 EPS. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Oppenheimer boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Truist Financial upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Finally, 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. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $50.39.

Bank of America 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.