Forsta AP Fonden Buys 151,600 Shares of Bank of America Co. (NYSE:BAC)

26 Oct 2024, 14:37 by Teresa Graham · The Cerbat Gem

Forsta AP Fonden lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,736,900 shares of the financial services provider’s stock after purchasing an additional 151,600 shares during the period. Bank of America accounts for about 0.5% of Forsta AP Fonden’s portfolio, making the stock its 27th biggest position. Forsta AP Fonden’s holdings in Bank of America were worth $68,920,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth approximately $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC raised its stake in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on BAC shares. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. BMO Capital Markets increased their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

View Our Latest Analysis on Bank of America

Bank of America Price Performance

NYSE BAC traded down $0.76 during trading hours on Friday, reaching $41.89. 27,466,909 shares of the stock traded hands, compared to its average volume of 38,639,859. The stock has a 50 day simple moving average of $40.24 and a two-hundred day simple moving average of $39.58. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $325.05 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. On average, analysts predict that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the transaction, the insider now owns 961,646,715 shares in the company, valued at $39,619,844,658. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $41.20, for a total value of $216,901,561.20. Following the transaction, the insider now directly owns 961,646,715 shares of the company’s stock, valued at approximately $39,619,844,658. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,336,839 shares of company stock worth $5,049,968,704 in the last 90 days. Company insiders own 0.29% of the company’s stock.

About Bank of America

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