iA Global Asset Management Inc. Has $39.14 Million Holdings in Bank of America Corporation $BAC

iA Global Asset Management Inc. increased its position in shares of Bank of America Corporation (NYSE:BAC) by 34.1% during the fourth quarter, Holdings Channel reports. The fund owned 711,643 shares of the financial services provider’s stock after acquiring an additional 180,833 shares during the quarter. iA Global Asset Management Inc.’s holdings in Bank of America were worth $39,140,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the period. Capital World Investors raised its holdings in shares of Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after acquiring an additional 14,275,810 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 2.5% during the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider’s stock valued at $2,717,657,000 after acquiring an additional 1,272,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of Bank of America by 3.4% during the third quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider’s stock valued at $2,266,045,000 after acquiring an additional 1,458,551 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2%

Bank of America stock opened at $49.77 on Friday. The firm has a market cap of $353.18 billion, a PE ratio of 12.32, a P/E/G ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50 day moving average price is $50.40 and its two-hundred day moving average price is $52.44. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, research analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Autonomous Res cut 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 report on Monday, April 6th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Robert W. Baird boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Finally, Truist Financial boosted their price target on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Insider Activity at Bank of America

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 in the last 90 days. 0.27% of the stock is owned by corporate insiders.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

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.