iA Global Asset Management Inc. Sells 159,375 Shares of Bank of America Corporation $BAC

iA Global Asset Management Inc. cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 22.4% in the first quarter, Holdings Channel reports. The firm owned 552,268 shares of the financial services provider’s stock after selling 159,375 shares during the quarter. iA Global Asset Management Inc.’s holdings in Bank of America were worth $26,923,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Handelsbanken Fonder AB boosted its holdings in shares of Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the period. B. Metzler seel. Sohn & Co. AG increased its position in shares of Bank of America by 11.2% during the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock worth $34,974,000 after acquiring an additional 68,093 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after acquiring an additional 1,487,809 shares during the period. Certuity LLC raised its holdings in shares of Bank of America by 5.1% during the third quarter. Certuity LLC now owns 523,113 shares of the financial services provider’s stock worth $26,987,000 after acquiring an additional 25,268 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in Bank of America by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after acquiring an additional 71,307 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $56.97 on Wednesday. The stock has a market capitalization of $404.31 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.97 and a beta of 1.18. The business has a 50-day moving average of $53.51 and a 200-day moving average of $52.73. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. Bank of America’s revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 4.48 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio is 27.72%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BAC shares. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Daiwa Securities Group boosted their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. UBS Group upped their price objective on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Argus increased their price objective on Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Bank of America Profile

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.