Bank of America Corporation $BAC Shares Bought by Covea Finance

Covea Finance lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 762,400 shares of the financial services provider’s stock after acquiring an additional 85,300 shares during the period. Bank of America comprises approximately 1.4% of Covea Finance’s holdings, making the stock its 21st largest holding. Covea Finance’s holdings in Bank of America were worth $39,332,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in 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 purchasing an additional 227 shares during the period. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in Bank of America in the second quarter worth about $28,000. Steph & Co. lifted its holdings in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares during the last quarter. Finally, CGC Financial Services LLC boosted its stake in 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 acquiring an additional 521 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.6%

Shares of BAC stock opened at $56.29 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.50. The firm has a market capitalization of $411.06 billion, a PE ratio of 15.34 and a beta of 1.30. The stock has a fifty day moving average of $53.35 and a two-hundred day moving average of $50.14. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared 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 dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Analyst Ratings Changes

A number of analysts have recently weighed in on BAC shares. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. The Goldman Sachs Group dropped their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Royal Bank Of Canada upped their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.59.

About Bank of America

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.