Groupama Asset Managment Cuts Stock Position in Bank of America Corporation $BAC

Groupama Asset Managment lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 337,137 shares of the financial services provider’s stock after selling 9,720 shares during the period. Groupama Asset Managment’s holdings in Bank of America were worth $15,886,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Deutsche Bank AG boosted its stake in Bank of America by 45.1% in 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 purchasing an additional 14,960,086 shares in the last quarter. ABN AMRO Bank N.V. purchased a new position in Bank of America in the second quarter worth about $202,439,000. Unisphere Establishment raised its holdings in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the second quarter worth approximately $164,623,000. Finally, Maverick Capital Ltd. purchased a new stake in shares of Bank of America during the first quarter valued at approximately $152,098,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.0%

Bank of America stock opened at $53.01 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The stock has a fifty day moving average of $51.87 and a 200 day moving average of $48.69. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $387.07 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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 $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 price objective (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Barclays boosted their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Phillip Securities increased their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Citigroup boosted their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Truist Financial upped their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.77.

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.