Bank of America Corp (BAC) Stake Raised by Nordea Investment Management AB

Nordea Investment Management AB lifted its position in shares of Bank of America Corp (NYSE:BAC) by 21.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,931,939 shares of the financial services provider’s stock after buying an additional 883,210 shares during the quarter. Nordea Investment Management AB’s holdings in Bank of America were worth $119,649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the period. Korea Investment CORP increased its position in shares of Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares during the period. TIAA CREF Investment Management LLC increased its position in shares of Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after buying an additional 1,079,788 shares during the period. Legal & General Group Plc increased its position in shares of Bank of America by 2.0% during the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Bank of America by 0.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock worth $803,221,000 after buying an additional 173,379 shares during the period. Institutional investors own 68.28% of the company’s stock.

Bank of America Corp (NYSE:BAC) opened at $28.64 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.31. The firm has a market cap of $301,757.56, a PE ratio of 16.53, a P/E/G ratio of 2.00 and a beta of 1.31.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the firm earned $0.41 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. research analysts predict that Bank of America Corp will post 1.81 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is currently 27.43%.

Several research firms have recently weighed in on BAC. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price objective (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price on the stock. in a research note on Monday, November 6th. J P Morgan Chase & Co increased their target price on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Finally, Citigroup reissued a “neutral” rating and set a $27.00 target price (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and a consensus target price of $26.25.

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About Bank of America

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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