Oregon Public Employees Retirement Fund lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 598,990 shares of the financial services provider’s stock after selling 34,780 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Bank of America were worth $18,155,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Fiduciary Planning LLC bought a new stake in Bank of America during the 3rd quarter worth about $26,000. Marshall & Sullivan Inc. WA acquired a new stake in Bank of America during the 3rd quarter worth approximately $27,000. Clark Financial Advisors acquired a new stake in Bank of America during the 4th quarter worth approximately $29,000. Diversified LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $29,000. Finally, Kathmere Capital Management LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $31,000. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
BAC stock traded up $0.69 during midday trading on Tuesday, reaching $35.84. The company had a trading volume of 1,392,150 shares, compared to its average volume of 51,915,648. The company has a market capitalization of $310.04 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The stock has a 50 day moving average price of $32.38 and a 200-day moving average price of $27.88. Bank of America Co. has a 1-year low of $17.95 and a 1-year high of $35.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87.
Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, January 19th. The financial services provider reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The firm had revenue of $20.10 billion during the quarter, compared to the consensus estimate of $20.76 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 1.84 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 5th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.01%. The ex-dividend date is Thursday, March 4th. Bank of America’s payout ratio is 24.49%.
Bank of America declared that its Board of Directors has approved a stock buyback program on Tuesday, January 19th that allows the company to buyback $2.90 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Several equities analysts recently weighed in on the stock. Barclays raised their target price on shares of Bank of America from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Monday, January 4th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $31.00 to $37.00 in a research report on Monday, January 11th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price objective for the company in a research report on Tuesday, January 26th. UBS Group set a $30.00 price objective on shares of Bank of America and gave the stock a “neutral” rating in a research report on Tuesday, January 19th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Friday, January 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $33.13.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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