252,464 Shares in Bank of America Corporation $BAC Acquired by AG2R LA Mondiale Gestion D Actifs

Key Points

• AG2R LA Mondiale Gestion D Actifs acquired 252,464 shares of Bank of America Corporation, valued at approximately $11.14 million, making it the firm's 26th largest position.
• Bank of America recently announced a quarterly dividend increase from $0.26 to $0.28 per share, with an annual dividend yield of 2.2%.
• The company approved a $40 billion stock buyback plan, indicating confidence in its stock valuation, allowing repurchase of up to 11.1% of its shares.

AG2R LA Mondiale Gestion D Actifs bought a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 252,464 shares of the financial services provider's stock, valued at approximately $11,141,000. Bank of America accounts for approximately 0.6% of AG2R LA Mondiale Gestion D Actifs' holdings, making the stock its 26th biggest position.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Swedbank AB lifted its position in shares of Bank of America by 1.2% during the 1st quarter. Swedbank AB now owns 12,932,416 shares of the financial services provider's stock worth $539,670,000 after buying an additional 156,232 shares during the period. Howe & Rusling Inc. lifted its position in shares of Bank of America by 30.3% during the 1st quarter. Howe & Rusling Inc. now owns 256,534 shares of the financial services provider's stock worth $10,705,000 after buying an additional 59,712 shares during the period. 1248 Management LLC bought a new position in shares of Bank of America during the 1st quarter worth approximately $57,000. CBIZ Investment Advisory Services LLC lifted its position in shares of Bank of America by 10.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 8,508 shares of the financial services provider's stock worth $355,000 after buying an additional 828 shares during the period. Finally, Silicon Valley Capital Partners lifted its position in shares of Bank of America by 14.9% during the 1st quarter. Silicon Valley Capital Partners now owns 273,302 shares of the financial services provider's stock worth $11,274,000 after buying an additional 35,399 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup raised their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Truist Financial raised their price target on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Morgan Stanley raised their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $50.39.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.30% of the company's stock.

Bank of America Stock Up 1.2%

NYSE BAC opened at $50.74 on Friday. The stock has a fifty day moving average of $48.10 and a 200-day moving average of $44.23. The stock has a market capitalization of $375.83 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.95 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating 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%.The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.83 EPS. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.

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