Fiera Capital Corp Acquires New Holdings in Bank of America Corporation $BAC

Fiera Capital Corp bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 9,347 shares of the financial services provider’s stock, valued at approximately $442,000.

Other institutional investors have also recently bought and sold shares of the company. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $28,000. CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth about $33,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Citigroup lifted their target price on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Argus increased their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Robert W. Baird raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.57 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average price is $51.63 and its two-hundred day moving average price is $48.05. The company has a market cap of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period last year, the firm posted $0.81 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.