Natixis Sells 389,966 Shares of Bank of America Corporation $BAC

Natixis trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,484,685 shares of the financial services provider’s stock after selling 389,966 shares during the quarter. Natixis’ holdings in Bank of America were worth $70,255,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Nova Wealth Management Inc. increased its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC grew its position 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 valued at $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $28,000. CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% in the 2nd 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 bought a new position in shares of Bank of America during the 2nd quarter valued at $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. Morgan Stanley boosted their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Oppenheimer reduced their price target on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price target (up from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Piper Sandler upped their price objective on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Finally, Ameriprise Financial raised Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Stock Performance

Bank of America stock opened at $53.94 on Monday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.83. The stock’s 50 day simple moving average is $52.08 and its two-hundred day simple moving average is $49.15. 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 $393.90 billion, a price-to-earnings ratio of 14.70 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its 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. 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 quarter last year, the business posted $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

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.