Amundi Sells 5,172,268 Shares of Bank of America Corporation $BAC

Amundi lessened its position in Bank of America Corporation (NYSE:BAC) by 13.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,061,025 shares of the financial services provider’s stock after selling 5,172,268 shares during the period. Bank of America comprises 0.6% of Amundi’s portfolio, making the stock its 25th largest holding. Amundi owned about 0.46% of Bank of America worth $1,659,113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Veltria Advisors Corp. lifted its position in Bank of America by 35.3% in the 2nd quarter. Veltria Advisors Corp. now owns 16,352 shares of the financial services provider’s stock valued at $774,000 after acquiring an additional 4,270 shares in the last quarter. Great Diamond Partners LLC lifted its holdings in shares of Bank of America by 31.2% during the second quarter. Great Diamond Partners LLC now owns 12,176 shares of the financial services provider’s stock valued at $576,000 after purchasing an additional 2,896 shares in the last quarter. Philadelphia Trust Co. boosted its position in shares of Bank of America by 5.4% during the second quarter. Philadelphia Trust Co. now owns 189,826 shares of the financial services provider’s stock valued at $8,983,000 after buying an additional 9,763 shares during the last quarter. Alpha Family Trust bought a new stake in Bank of America in the 2nd quarter worth about $419,000. Finally, CW Advisors LLC raised its position in Bank of America by 38.8% in the 2nd quarter. CW Advisors LLC now owns 194,244 shares of the financial services provider’s stock worth $9,192,000 after buying an additional 54,296 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Deutsche Bank Aktiengesellschaft raised their price target 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. Truist Financial lifted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Evercore ISI lifted their price objective on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Argus increased their target price on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

NYSE BAC opened at $54.09 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The stock has a market cap of $394.99 billion, a price-to-earnings ratio of 14.74 and a beta of 1.30. The company’s 50 day moving average is $52.04 and its two-hundred day moving average is $49.02.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders 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 yield of 2.1%. The ex-dividend date is Friday, December 5th. 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.