Nordea Investment Management AB Buys 109,386 Shares of Bank of America Co. (NYSE:BAC)

Nordea Investment Management AB boosted its stake in Bank of America Co. (NYSE:BAC) by 7.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,539,680 shares of the financial services provider’s stock after acquiring an additional 109,386 shares during the period. Nordea Investment Management AB’s holdings in Bank of America were worth $67,623,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new position in Bank of America during the second quarter valued at $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter worth $29,000. Christopher J. Hasenberg Inc increased its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC purchased a new stake in Bank of America during the third quarter valued at about $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.10 on Wednesday. The company’s fifty day moving average is $45.30 and its 200 day moving average is $42.09. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The stock has a market cap of $353.72 billion, a PE ratio of 16.76, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Oppenheimer decreased their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Finally, Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America 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.