AG2R LA Mondiale Gestion D Actifs Buys 16,467 Shares of Bank of America Corporation $BAC

Key Points

• AG2R LA Mondiale Gestion D Actifs increased its stake in Bank of America by 6.5%, acquiring an additional 16,467 shares, making the stock the 23rd largest holding in its portfolio, valued at $12.7 million.
• Insider James P. Demare sold 148,391 shares of Bank of America, representing a 39.91% decrease in his position, with a total sale value of approximately $6.76 million.
• Multiple analysts raised their price targets for Bank of America, with the average target now set at $57.23, indicating a consensus rating of "Moderate Buy".

AG2R LA Mondiale Gestion D Actifs grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 268,931 shares of the financial services provider's stock after buying an additional 16,467 shares during the period. Bank of America accounts for approximately 0.7% of AG2R LA Mondiale Gestion D Actifs' portfolio, making the stock its 23rd largest holding. AG2R LA Mondiale Gestion D Actifs' holdings in Bank of America were worth $12,726,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock valued at $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC increased its position in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new position in shares of Bank of America in the second quarter worth approximately $33,000. Finally, Cloud Capital Management LLC purchased a new stake in Bank of America in the first quarter valued at approximately $40,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Ameriprise Financial raised shares of Bank of America to a "buy" rating in a research note on Wednesday. Seaport Global Securities increased their target price on Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a research note on Monday, October 6th. Wells Fargo & Company upped their price objective on Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Barclays increased their price objective on Bank of America from $54.00 to $59.00 and gave the company an "overweight" rating in a research report on Thursday, October 16th. Finally, Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 8th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $57.23.

Bank of America Price Performance

BAC stock opened at $52.44 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $388.38 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm's 50-day moving average price is $50.58 and its two-hundred day moving average price is $46.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts' expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis 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 30.52%.

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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