Skandinaviska Enskilda Banken AB publ Purchases 18,800 Shares of Bank of America Co. (NYSE:BAC)

Skandinaviska Enskilda Banken AB publ increased its stake in Bank of America Co. (NYSE:BAC) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,427,016 shares of the financial services provider’s stock after purchasing an additional 18,800 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Bank of America were worth $56,724,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of BAC. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America during the second quarter valued at approximately $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Evercore ISI increased their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold 129,780,724 shares of company stock worth $5,342,589,705 in the last 90 days. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $40.87 on Friday. The stock has a market capitalization of $319.62 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.40 and a beta of 1.33. The firm has a fifty day moving average of $40.01 and a two-hundred day moving average of $38.82. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period last year, the company earned $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.