Nordea Investment Management AB Has $47.36 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Nordea Investment Management AB trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 46.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,255,919 shares of the financial services provider's stock after selling 1,110,041 shares during the quarter. Nordea Investment Management AB's holdings in Bank of America were worth $47,361,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new stake in Bank of America in the fourth quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider's stock worth $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider's stock worth $1,408,520,000 after buying an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC increased its position in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider's stock worth $1,363,928,000 after buying an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors increased its position in Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider's stock worth $1,353,216,000 after buying an additional 4,338,679 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 2.0 %

Shares of BAC stock traded up $0.80 during trading hours on Tuesday, reaching $41.42. 34,697,299 shares of the company's stock were exchanged, compared to its average volume of 38,433,242. The stock's 50 day moving average is $39.23 and its 200-day moving average is $36.43. The company has a market cap of $323.92 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 1.54 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $41.83.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 earnings per share. Analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America's payout ratio is 33.22%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com cut Bank of America from a "hold" rating to a "sell" rating in a research report on Monday, May 20th. HSBC reiterated a "hold" rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Citigroup lifted their price objective on Bank of America from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, March 20th. BMO Capital Markets lifted their price target on Bank of America from $36.00 to $37.00 and gave the stock a "market perform" rating in a research note on Thursday, April 18th. Finally, Wolfe Research raised Bank of America from a "peer perform" rating to an "outperform" rating and set a $42.00 price target for the company in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $40.41.

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.