Forsta AP Fonden Has $79.64 Million Holdings in Bank of America Corporation $BAC

Forsta AP Fonden boosted its position in Bank of America Corporation (NYSE:BAC) by 1.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,683,000 shares of the financial services provider’s stock after buying an additional 28,100 shares during the period. Bank of America makes up 0.5% of Forsta AP Fonden’s holdings, making the stock its 23rd biggest holding. Forsta AP Fonden’s holdings in Bank of America were worth $79,640,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during 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 in the last quarter. Quaker Wealth Management LLC lifted its stake in 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 buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC grew its position in shares of Bank of America by 585.4% during the 2nd 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 during the period. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3%

Shares of NYSE:BAC opened at $53.60 on Wednesday. The business’s 50 day moving average is $51.45 and its 200 day moving average is $47.83. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.99. The stock has a market cap of $391.41 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $0.81 EPS. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors 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 yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Daiwa Capital Markets raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Oppenheimer upped their price target on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Dbs Bank raised Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

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.