AG2R LA Mondiale Gestion D Actifs Takes Position in Bank of America Corporation $BAC

AG2R LA Mondiale Gestion D Actifs acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the first quarter, HoldingsChannel reports. The fund acquired 252,464 shares of the financial services provider’s stock, valued at approximately $11,141,000. Bank of America accounts for 0.6% of AG2R LA Mondiale Gestion D Actifs’ holdings, making the stock its 26th biggest holding.

A number of other institutional investors have also made changes to their positions in BAC. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $34,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $38,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $40,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of Bank of America during the first quarter worth $40,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.2%

BAC stock opened at $50.74 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market capitalization of $375.83 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.95 and a beta of 1.34. The business has a 50-day moving average of $48.10 and a 200-day moving average of $44.23. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $50.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its board has authorized a stock repurchase 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 usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Citigroup lifted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. HSBC cut Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Truist Financial boosted their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley boosted their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.39.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

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.