Covea Finance Invests $19.68 Million in Bank of America Corporation (NYSE:BAC)

Covea Finance acquired a new position in Bank of America Corporation (NYSE:BAC) during the 1st quarter, Holdings Channel reports. The firm acquired 471,700 shares of the financial services provider’s stock, valued at approximately $19,684,000.

Several other institutional investors have also recently made changes to their positions in the business. Carr Financial Group Corp raised its stake in Bank of America by 12.7% during the 1st quarter. Carr Financial Group Corp now owns 10,379 shares of the financial services provider’s stock worth $433,000 after acquiring an additional 1,168 shares during the period. Advisor Resource Council bought a new stake in Bank of America during the 1st quarter worth approximately $856,000. Segment Wealth Management LLC raised its stake in Bank of America by 65.9% during the 1st quarter. Segment Wealth Management LLC now owns 8,390 shares of the financial services provider’s stock worth $350,000 after acquiring an additional 3,332 shares during the period. Meriwether Wealth & Planning LLC raised its stake in Bank of America by 16.3% during the 1st quarter. Meriwether Wealth & Planning LLC now owns 20,441 shares of the financial services provider’s stock worth $853,000 after acquiring an additional 2,868 shares during the period. Finally, Abundance Wealth Counselors raised its stake in Bank of America by 3.2% during the 1st quarter. Abundance Wealth Counselors now owns 24,242 shares of the financial services provider’s stock worth $1,012,000 after acquiring an additional 762 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Piper Sandler decreased their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. The Goldman Sachs Group increased their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Royal Bank Of Canada cut their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Up 1.0%

NYSE:BAC opened at $45.51 on Friday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.22 and a beta of 1.30. The stock has a fifty day simple moving average of $42.36 and a 200-day simple moving average of $43.33. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

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.