Skandinaviska Enskilda Banken AB publ Has $91.79 Million Position in Bank of America Corporation $BAC

Skandinaviska Enskilda Banken AB publ lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 11.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,779,654 shares of the financial services provider’s stock after selling 232,702 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Bank of America were worth $91,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the last quarter. Steph & Co. raised its holdings in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares in the last quarter. Marquette Asset Management LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Collier Financial acquired a new stake in Bank of America in the third quarter valued at about $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new position in Bank of America in the third quarter valued at about $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $52.53 on Tuesday. The stock has a market cap of $383.59 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The company’s fifty day moving average is $54.40 and its 200 day moving average is $52.11. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company earned $0.82 EPS. Bank of America’s revenue for the quarter was up 12.3% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s payout ratio is currently 29.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Barclays increased their price objective on shares of Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Robert W. Baird boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Daiwa Securities Group dropped their price target on Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Twenty-two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $60.30.

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.