AG2R LA Mondiale Gestion D Actifs Increases Stock Position in Bank of America Corporation $BAC

AG2R LA Mondiale Gestion D Actifs grew its holdings in Bank of America Corporation (NYSE:BAC) by 6.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 268,931 shares of the financial services provider’s stock after purchasing an additional 16,467 shares during the period. Bank of America comprises about 0.7% of AG2R LA Mondiale Gestion D Actifs’ investment portfolio, making the stock its 23rd biggest holding. AG2R LA Mondiale Gestion D Actifs’ holdings in Bank of America were worth $12,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% in the 2nd 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. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $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 worth $29,000 after buying an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America in the second quarter worth $33,000. Finally, Cloud Capital Management LLC purchased a new stake in Bank of America during the first quarter valued at $40,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.3%

Shares of BAC stock opened at $52.44 on Friday. The company’s fifty day simple moving average is $50.58 and its two-hundred day simple moving average is $46.31. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market cap of $388.38 billion, a P/E ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping 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 $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

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

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 price target (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Daiwa Capital Markets lifted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Phillip Securities upped their price objective on Bank of America from $50.00 to $56.00 in a research note on Tuesday. Finally, Barclays lifted their target price on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.23.

About Bank of America

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.