Covea Finance Takes Position in Bank of America Corporation (NYSE:BAC)

Covea Finance acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 471,700 shares of the financial services provider's stock, valued at approximately $19,684,000.

A number of other institutional investors also recently bought and sold shares of the business. Avalon Trust Co grew its position in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares during the last quarter. TAGStone Capital Inc. grew its holdings in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management raised its holdings in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after acquiring an additional 233 shares during the last quarter. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares in the last quarter. Finally, World Equity Group Inc. boosted its stake in shares of Bank of America by 0.4% during the fourth quarter. World Equity Group Inc. now owns 59,151 shares of the financial services provider's stock valued at $2,600,000 after acquiring an additional 240 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC traded up $0.36 on Tuesday, reaching $46.66. 45,367,109 shares of the stock traded hands, compared to its average volume of 39,836,774. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market cap of $351.46 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.23 and a beta of 1.30. The firm's fifty day simple moving average is $42.55 and its 200 day simple moving average is $43.28. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America's payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several research analysts recently weighed in on BAC shares. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.40.

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.