iA Global Asset Management Inc. Acquires 51,740 Shares of Bank of America Corporation $BAC

iA Global Asset Management Inc. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 583,580 shares of the financial services provider’s stock after purchasing an additional 51,740 shares during the quarter. iA Global Asset Management Inc.’s holdings in Bank of America were worth $27,615,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Tredje AP fonden raised its stake in shares of Bank of America by 0.6% during the second quarter. Tredje AP fonden now owns 1,585,812 shares of the financial services provider’s stock worth $75,041,000 after buying an additional 9,807 shares during the last quarter. Gilbert & Cook Inc. grew its holdings in Bank of America by 5.9% during the second quarter. Gilbert & Cook Inc. now owns 16,790 shares of the financial services provider’s stock valued at $795,000 after purchasing an additional 932 shares during the period. TIAA Trust National Association grew its holdings in Bank of America by 13.0% during the second quarter. TIAA Trust National Association now owns 797,974 shares of the financial services provider’s stock valued at $37,760,000 after purchasing an additional 91,947 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its holdings in Bank of America by 7.3% during the second quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 13,786 shares of the financial services provider’s stock valued at $652,000 after purchasing an additional 936 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new position in Bank of America during the second quarter valued at approximately $301,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Phillip Securities boosted their price objective on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Citigroup boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Friday. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Stock Up 1.0%

Bank of America stock opened at $53.55 on Friday. The stock has a market capitalization of $396.63 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average of $51.03 and a 200-day moving average of $47.02.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. 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 is presently 30.52%.

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.