Covea Finance Boosts Holdings in Bank of America Corporation $BAC

Covea Finance lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 12.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,400 shares of the financial services provider’s stock after acquiring an additional 85,300 shares during the period. Bank of America accounts for about 1.4% of Covea Finance’s investment portfolio, making the stock its 21st largest position. Covea Finance’s holdings in Bank of America were worth $39,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of BAC. Rainier Family Wealth Inc. raised its stake in Bank of America by 4.1% during the third quarter. Rainier Family Wealth Inc. now owns 6,656 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 260 shares during the period. Borer Denton & Associates Inc. raised its position in shares of Bank of America by 0.5% in the 3rd quarter. Borer Denton & Associates Inc. now owns 192,398 shares of the financial services provider’s stock worth $9,926,000 after buying an additional 975 shares during the period. V. M. Manning & CO. Inc. purchased a new position in shares of Bank of America in the 3rd quarter worth $238,000. VCI Wealth Management LLC boosted its holdings in Bank of America by 27.3% in the third quarter. VCI Wealth Management LLC now owns 53,512 shares of the financial services provider’s stock valued at $2,761,000 after acquiring an additional 11,474 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Bank of America by 34.2% during the third quarter. Pacer Advisors Inc. now owns 784,984 shares of the financial services provider’s stock valued at $40,497,000 after acquiring an additional 200,136 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $56.29 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $56.50. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $411.06 billion, a P/E ratio of 15.34 and a beta of 1.30. The stock has a 50 day moving average of $53.35 and a 200-day moving average of $50.14.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BAC shares. Piper Sandler lifted their price objective on Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Argus lifted their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Evercore ISI lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Finally, Seaport Global Securities upped their price target on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $58.59.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.