iA Global Asset Management Inc. Sells 159,375 Shares of Bank of America Corporation $BAC

Key Points

• iA Global Asset Management cut its Bank of America stake by 22.4% in the first quarter, selling 159,375 shares and leaving it with 552,268 shares valued at about $26.9 million.
• Bank of America recently beat quarterly expectations, reporting $1.11 EPS versus the $1.00 consensus and revenue of $30.27 billion, with year-over-year revenue growth of 10.7%.
• Sentiment around BAC remains constructive: Morgan Stanley raised its price target to $67 and kept an Overweight rating, while analysts overall rate the stock Moderate Buy with an average target price of $61.60.

iA Global Asset Management Inc. reduced its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 22.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 552,268 shares of the financial services provider's stock after selling 159,375 shares during the period. iA Global Asset Management Inc.'s holdings in Bank of America were worth $26,923,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC grew its position in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares during the last quarter. Jump Financial LLC grew its position in Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new stake in Bank of America during the 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP increased its holdings in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Bank of America News

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Bank of America Trading Down 1.6%

Shares of BAC opened at $56.97 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $59.19. The firm has a market capitalization of $404.31 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18. The stock's fifty day simple moving average is $53.51 and its 200-day simple moving average is $52.73.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company's revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. As a group, research analysts predict that Bank of America Corporation will post 4.48 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Argus boosted their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. UBS Group lifted their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Autonomous Res reduced their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Finally, Citigroup increased their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.60.

Bank of America 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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