Swedbank AB Boosts Holdings in Bank of America Co. (NYSE:BAC)

Swedbank AB lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 81.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,776,184 shares of the financial services provider’s stock after acquiring an additional 5,733,810 shares during the period. Bank of America accounts for about 0.7% of Swedbank AB’s investment portfolio, making the stock its 26th largest position. Swedbank AB owned 0.17% of Bank of America worth $561,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.6 %

Shares of BAC traded up $0.27 during midday trading on Wednesday, hitting $47.11. The company had a trading volume of 2,183,889 shares, compared to its average volume of 36,424,945. The stock has a market cap of $361.49 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.24 and a beta of 1.33. The company’s 50 day moving average price is $45.83 and its 200 day moving average price is $42.70. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BAC shares. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

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.