Arizona State Retirement System lowered its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,975,659 shares of the financial services provider's stock after selling 52,780 shares during the period. Bank of America comprises approximately 0.5% of Arizona State Retirement System's holdings, making the stock its 26th largest position. Arizona State Retirement System's holdings in Bank of America were worth $82,444,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Graney & King LLC purchased a new position in Bank of America in the fourth quarter valued at about $25,000. Vega Investment Solutions purchased a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the 4th quarter worth approximately $34,000. Finally, Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Stock Performance
NYSE:BAC opened at $46.71 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.28 and a beta of 1.30. The firm's fifty day simple moving average is $44.99 and its 200 day simple moving average is $43.56. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31.
Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's payout ratio is 30.95%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on BAC shares. Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $48.89.
Check Out Our Latest Research Report on BAC
About Bank of America
(
Free Report)
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.
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