Achmea Investment Management B.V. Acquires 25,431 Shares of Bank of America Corporation $BAC

Achmea Investment Management B.V. lifted its holdings in Bank of America Corporation (NYSE:BAC) by 4.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 645,806 shares of the financial services provider’s stock after acquiring an additional 25,431 shares during the quarter. Achmea Investment Management B.V.’s holdings in Bank of America were worth $30,560,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Quaker Wealth Management LLC raised its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Argus boosted their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Evercore ISI increased their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. boosted their target price on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Deutsche Bank Aktiengesellschaft increased their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Finally, UBS Group increased their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.44 on Thursday. The firm’s 50 day simple moving average is $51.22 and its 200-day simple moving average is $47.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The stock has a market capitalization of $382.94 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

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.