Covea Finance Acquires Shares of 471,700 Bank of America Corporation (NYSE:BAC)

Covea Finance acquired a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 471,700 shares of the financial services provider's stock, valued at approximately $19,684,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank purchased a new position in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors increased its position in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp increased its position in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $45.51 on Friday. The firm's 50-day moving average price is $42.36 and its 200-day moving average price is $43.33. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company has a market cap of $342.78 billion, a PE ratio of 13.54, a PEG ratio of 1.22 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Company 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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