Avanza Fonder AB Has $25.94 Million Stock Holdings in Bank of America Corporation $BAC

Avanza Fonder AB increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 502,889 shares of the financial services provider’s stock after buying an additional 42,979 shares during the period. Bank of America accounts for about 0.7% of Avanza Fonder AB’s portfolio, making the stock its 20th largest holding. Avanza Fonder AB’s holdings in Bank of America were worth $25,944,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of BAC. Quaker Wealth Management LLC grew its position in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. boosted its stake in 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 during the period. Steph & Co. grew its holdings in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America during the 2nd quarter worth $28,000. Finally, CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Daiwa Capital Markets upped their price target on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. TD Cowen boosted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Robert W. Baird raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Wells Fargo & Company boosted their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Finally, UBS Group raised their price objective on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Up 0.6%

Shares of NYSE BAC opened at $56.29 on Friday. The company has a market cap of $411.06 billion, a price-to-earnings ratio of 15.34 and a beta of 1.30. 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 Corporation has a 12 month low of $33.06 and a 12 month high of $56.50. The stock has a 50-day moving average price of $53.35 and a two-hundred day moving average price of $50.14.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. As a group, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.