Oddo BHF Asset Management Sas Grows Position in Bank of America Corporation $BAC

Key Points

• Oddo BHF Asset Management Sas increased its Bank of America stake by 2,008.4% in the fourth quarter, ending with 157,727 shares valued at about $8.7 million.
• Bank of America reported strong quarterly earnings, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, both above expectations.
• The company declared a quarterly dividend of $0.28 per share and has a Street consensus rating of Moderate Buy with an average price target of $61.06.

Oddo BHF Asset Management Sas boosted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 2,008.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 157,727 shares of the financial services provider's stock after buying an additional 150,246 shares during the quarter. Oddo BHF Asset Management Sas' holdings in Bank of America were worth $8,675,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Rakuten Investment Management Inc. grew its stake in Bank of America by 7,006.5% in the 4th quarter. Rakuten Investment Management Inc. now owns 897,273 shares of the financial services provider's stock valued at $49,664,000 after purchasing an additional 884,647 shares during the period. Abound Financial LLC bought a new position in Bank of America in the 4th quarter valued at $26,000. L2 Asset Management LLC grew its stake in Bank of America by 5.9% in the 4th quarter. L2 Asset Management LLC now owns 60,397 shares of the financial services provider's stock valued at $3,322,000 after purchasing an additional 3,368 shares during the period. Gould Asset Management LLC CA grew its stake in Bank of America by 25.0% in the 4th quarter. Gould Asset Management LLC CA now owns 11,849 shares of the financial services provider's stock valued at $652,000 after purchasing an additional 2,370 shares during the period. Finally, Hurley Capital LLC grew its stake in Bank of America by 12.0% in the 4th quarter. Hurley Capital LLC now owns 1,811 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 194 shares during the period. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was 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 owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.2%

Shares of BAC stock opened at $55.89 on Tuesday. The company's fifty day simple moving average is $52.42 and its two-hundred day simple moving average is $52.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1 year low of $44.06 and a 1 year high of $57.55. The stock has a market capitalization of $396.62 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping 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 business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the company earned $0.90 EPS. The firm's revenue was up 10.7% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Morgan Stanley reduced their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Evercore reduced their price objective on Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Friday, May 15th. Argus upped their price objective on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. 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, Robert W. Baird upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

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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