Skandinaviska Enskilda Banken AB publ Sells 573,500 Shares of Bank of America Co. (NYSE:BAC)

Skandinaviska Enskilda Banken AB publ lowered its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 28.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,448,244 shares of the financial services provider's stock after selling 573,500 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Bank of America were worth $63,585,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Lederer & Associates Investment Counsel CA raised its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after buying an additional 217 shares in the last quarter. Prossimo Advisors LLC raised its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC boosted its holdings in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after purchasing an additional 222 shares in the last quarter. Keudell Morrison Wealth Management increased its position in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Finally, Traveka Wealth LLC raised its holdings in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock valued at $382,000 after buying an additional 226 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Finally, Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $48.64.

Remove Ads

Bank of America Trading Up 0.7 %

Bank of America stock opened at $39.90 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $303.40 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The business's fifty day moving average is $45.36 and its 200 day moving average is $43.73. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the previous year, the company earned $0.70 earnings per share. The firm's quarterly revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is currently 32.30%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.