Livforsakringsbolaget Skandia Omsesidigt trimmed its position in Bank of America Corp (NYSE:BAC) by 10.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 539,652 shares of the financial services provider’s stock after selling 66,100 shares during the quarter. Bank of America comprises approximately 1.5% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its 5th biggest holding. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Bank of America were worth $15,931,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burt Wealth Advisors increased its holdings in shares of Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America in the second quarter valued at $115,000. Legacy Advisors LLC bought a new position in shares of Bank of America in the third quarter valued at $115,000. HWG Holdings LP bought a new position in shares of Bank of America in the third quarter valued at $116,000. Finally, Bristlecone Advisors LLC bought a new position in shares of Bank of America in the third quarter valued at $128,000. Hedge funds and other institutional investors own 68.67% of the company’s stock.
Bank of America Corp (NYSE BAC) opened at $31.69 on Friday. Bank of America Corp has a one year low of $22.07 and a one year high of $32.67. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The firm has a market cap of $327,856.25, a price-to-earnings ratio of 20.45, a PEG ratio of 1.62 and a beta of 1.41.
Bank of America declared that its board has authorized a share buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.
Several research analysts have issued reports on BAC shares. Barclays upped their price target on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Instinet dropped their price target on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, January 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price target on shares of Bank of America in a report on Monday, January 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $30.21.
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Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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