Bank of America Corp DE Boosts Position in Galiano Gold Inc. $GAU

Key Points

• Bank of America increased its Galiano Gold stake by 14.9% in the first quarter, adding 507,621 shares to own 3.91 million shares worth approximately $9.8 million. Institutional investors and hedge funds collectively hold 66.82% of GAU.
• Galiano Gold reported quarterly revenue of $183.75 million, exceeding estimates of $151.85 million, but earnings per share of $0.09 narrowly missed the $0.10 consensus. Analysts project full-year EPS of $0.57.
• Analyst sentiment is mixed but leans positive, with a current consensus rating of “Moderate Buy” and a $4.25 price target versus the stock’s $2.34 opening price.

Bank of America Corp DE increased its position in shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Free Report) by 14.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,907,638 shares of the company's stock after acquiring an additional 507,621 shares during the quarter. Bank of America Corp DE owned approximately 1.50% of Galiano Gold worth $9,808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GAU. Goldman Sachs Group Inc. boosted its holdings in Galiano Gold by 13.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 882,962 shares of the company's stock valued at $1,095,000 after purchasing an additional 106,685 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Galiano Gold during the 2nd quarter worth approximately $196,000. American Century Companies Inc. raised its position in shares of Galiano Gold by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 46,431 shares of the company's stock valued at $59,000 after buying an additional 9,558 shares during the period. XTX Topco Ltd purchased a new stake in shares of Galiano Gold during the 2nd quarter valued at approximately $74,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Galiano Gold in the second quarter valued at approximately $185,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Galiano Gold Price Performance

Shares of GAU opened at $2.34 on Monday. Galiano Gold Inc. has a fifty-two week low of $1.66 and a fifty-two week high of $3.62. The firm's 50 day moving average price is $1.95 and its 200 day moving average price is $2.36. The company has a market cap of $611.70 million, a P/E ratio of 9.00 and a beta of 0.86.

Galiano Gold (NYSEAMERICAN:GAU - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The company had revenue of $183.75 million during the quarter, compared to analyst estimates of $151.85 million. Galiano Gold had a net margin of 12.19% and a return on equity of 35.34%. Research analysts forecast that Galiano Gold Inc. will post 0.57 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Canaccord Genuity Group upgraded Galiano Gold to a "strong-buy" rating in a research report on Thursday, August 13th. Zacks Research cut Galiano Gold from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Freedom Capital raised Galiano Gold from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Galiano Gold presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.25.

About Galiano Gold

Galiano Gold Incorporated is a Canada-based gold exploration and development company listed on the NYSE American under the symbol GAU. The company's primary focus is the acquisition, exploration and advancement of gold deposits in the Americas. Galiano Gold pursues a value-driven strategy to build gold resources by identifying high-potential projects, conducting systematic drilling programs and advancing resource definition toward a development decision.

Galiano Gold's flagship asset is the Oko West and Oko East gold project located in the Essequibo region of Guyana, where multiple oxide and primary gold mineralized zones have been outlined through extensive drilling.

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