AG2R LA Mondiale Gestion D Actifs Raises Stake in Bank of America Corporation $BAC

Key Points

• AG2R LA Mondiale Gestion D Actifs increased its Bank of America stake by 3.7% in the fourth quarter, adding 10,017 shares to bring its total holding to 278,948 shares valued at about $15.34 million.
• Institutional ownership remains heavy in Bank of America, with hedge funds and other institutional investors holding 70.71% of the stock, while several other funds also recently boosted their positions.
• Analyst sentiment is generally positive: UBS and HSBC recently raised their price targets, and the stock carries a consensus “Moderate Buy” rating with an average target price of $61.06.

AG2R LA Mondiale Gestion D Actifs grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 278,948 shares of the financial services provider's stock after purchasing an additional 10,017 shares during the period. Bank of America comprises approximately 0.7% of AG2R LA Mondiale Gestion D Actifs' investment portfolio, making the stock its 22nd largest holding. AG2R LA Mondiale Gestion D Actifs' holdings in Bank of America were worth $15,342,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Brighton Jones LLC boosted its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC boosted its position in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 6,174 shares in the last quarter. Jump Financial LLC boosted its position in Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after purchasing an additional 355 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 in the last 90 days. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. UBS Group upped their price objective on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. HSBC upped their target price on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Autonomous Res reduced their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Monday, April 6th. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Piper Sandler upped their target price on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $61.06.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Bank of America Stock Down 0.1%

NYSE BAC opened at $51.26 on Monday. The business has a fifty day moving average price of $50.44 and a 200 day moving average price of $52.51. Bank of America Corporation has a one year low of $41.69 and a one year high of $57.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $363.79 billion, a P/E ratio of 12.69, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the company earned $0.90 EPS. The firm's revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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