iA Global Asset Management Inc. Acquires 51,740 Shares of Bank of America Corporation $BAC

iA Global Asset Management Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 583,580 shares of the financial services provider’s stock after acquiring an additional 51,740 shares during the period. iA Global Asset Management Inc.’s holdings in Bank of America were worth $27,615,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG lifted its holdings in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi lifted its holdings in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Bank of America by 5.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after acquiring an additional 894,027 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.0%

Shares of NYSE BAC opened at $53.55 on Friday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.64. The company has a market cap of $396.63 billion, a PE ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average of $51.03 and a two-hundred day moving average of $47.02.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Evercore ISI lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Phillip Securities lifted their price target on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Piper Sandler lifted their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Finally, Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $57.59.

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.