Xact Kapitalforvaltning AB Has $44.81 Million Holdings in Bank of America Corporation (BAC)

Xact Kapitalforvaltning AB raised its holdings in Bank of America Corporation (NYSE:BAC) by 3.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,846,993 shares of the financial services provider’s stock after purchasing an additional 61,202 shares during the quarter. Bank of America Corporation accounts for 1.4% of Xact Kapitalforvaltning AB’s holdings, making the stock its 9th largest holding. Xact Kapitalforvaltning AB’s holdings in Bank of America Corporation were worth $44,808,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Livforsakringsbolaget Skandia Omsesidigt raised its position in Bank of America Corporation by 3.5% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 605,752 shares of the financial services provider’s stock valued at $14,695,000 after purchasing an additional 20,600 shares during the period. Independent Portfolio Consultants Inc. raised its position in Bank of America Corporation by 57.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 120,829 shares of the financial services provider’s stock valued at $2,931,000 after purchasing an additional 44,018 shares during the period. Stillwater Investment Management LLC raised its position in Bank of America Corporation by 0.3% in the second quarter. Stillwater Investment Management LLC now owns 103,671 shares of the financial services provider’s stock valued at $2,515,000 after purchasing an additional 323 shares during the period. McQueen Ball & Associates Inc. raised its position in Bank of America Corporation by 2.6% in the second quarter. McQueen Ball & Associates Inc. now owns 29,131 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 750 shares during the period. Finally, Park National Corp OH raised its position in Bank of America Corporation by 3.6% in the second quarter. Park National Corp OH now owns 871,620 shares of the financial services provider’s stock valued at $21,145,000 after purchasing an additional 30,256 shares during the period. Institutional investors own 61.66% of the company’s stock.

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A number of equities research analysts have commented on the company. Vetr downgraded Bank of America Corporation from a “strong-buy” rating to a “hold” rating and set a $24.86 target price on the stock. in a research report on Wednesday. BidaskClub downgraded Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a research report on Friday, August 25th. Jefferies Group LLC restated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, August 11th. Finally, Wells Fargo & Company assumed coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $24.41.

Bank of America Corporation (NYSE BAC) traded up 0.21% on Friday, hitting $24.29. The stock had a trading volume of 31,953,245 shares. The stock has a market cap of $255.44 billion, a P/E ratio of 14.47 and a beta of 1.26. The company’s 50-day moving average is $23.99 and its 200-day moving average is $23.82. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.41 earnings per share. On average, analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.98%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

Bank of America Corporation declared that its board has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by company insiders.

About Bank of America Corporation

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.

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

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