Avanza Fonder AB Acquires Shares of 506,067 Bank of America Co. (NYSE:BAC)

Avanza Fonder AB bought a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 506,067 shares of the financial services provider’s stock, valued at approximately $22,242,000. Bank of America comprises 0.7% of Avanza Fonder AB’s portfolio, making the stock its 20th largest holding.

A number of other large investors also recently modified their holdings of BAC. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its position in shares of 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 period. Christopher J. Hasenberg Inc grew its stake 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 in the last quarter. Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at $73,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BAC shares. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Truist Financial initiated coverage on Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price target for the company. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.18.

Bank of America Stock Performance

Shares of BAC stock opened at $46.23 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $354.71 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a one year low of $31.40 and a one year high of $48.08. The company’s 50-day moving average is $45.72 and its 200 day moving average is $42.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.24 EPS for the current fiscal year.

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.