Achmea Investment Management B.V. Increases Stock Position in Bank of America Corporation (NYSE:BAC)

Achmea Investment Management B.V. raised its position in Bank of America Corporation (NYSE:BAC) by 48.2% during the first quarter, Holdings Channel reports. The firm owned 620,375 shares of the financial services provider’s stock after buying an additional 201,826 shares during the quarter. Achmea Investment Management B.V.’s holdings in Bank of America were worth $25,888,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors increased its stake in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Amundi increased its position in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4%

Shares of NYSE:BAC opened at $47.51 on Friday. The company has a 50 day moving average of $43.12 and a 200-day moving average of $43.34. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market cap of $357.83 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BAC shares. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial reduced their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Royal Bank Of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $47.56.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.