Forsta AP Fonden Has $76.65 Million Position in Bank of America Co. (NYSE:BAC)

Forsta AP Fonden lifted its position in shares of Bank of America Co. (NYSE:BAC) by 0.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,744,100 shares of the financial services provider’s stock after purchasing an additional 7,200 shares during the period. Bank of America accounts for 0.5% of Forsta AP Fonden’s holdings, making the stock its 25th biggest position. Forsta AP Fonden’s holdings in Bank of America were worth $76,653,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BAC. Marino Stram & Associates LLC increased its position in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares during the period. Traveka Wealth LLC grew its stake in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC increased its holdings in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. raised its position in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. Finally, Southland Equity Partners LLC lifted its holdings in shares of Bank of America by 2.6% in the 4th quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock worth $396,000 after buying an additional 231 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.88 on Wednesday. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $359.70 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.24 and a beta of 1.33. The business’s 50 day moving average price is $45.83 and its 200 day moving average price is $42.70.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

About Bank of America

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.