Nisa Investment Advisors LLC Has $122.37 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Nisa Investment Advisors LLC reduced its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,932,387 shares of the financial services provider's stock after selling 81,926 shares during the quarter. Bank of America makes up approximately 0.6% of Nisa Investment Advisors LLC's holdings, making the stock its 20th largest holding. Nisa Investment Advisors LLC's holdings in Bank of America were worth $122,369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Norges Bank acquired a new position in Bank of America during the 4th quarter worth $5,226,989,000. Capital World Investors lifted its holdings in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Northern Trust Corp raised its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. Finally, Deutsche Bank AG raised its position in shares of Bank of America by 39.6% during the 4th quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock valued at $1,457,031,000 after acquiring an additional 9,409,076 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.6%

BAC stock traded down $0.26 during trading hours on Friday, reaching $46.71. 31,608,474 shares of the stock were exchanged, compared to its average volume of 40,519,930. The firm's 50-day moving average is $44.99 and its 200-day moving average is $43.56. The company has a market cap 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 company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America's dividend payout ratio is 30.95%.

Analysts Set New Price Targets

Several brokerages have commented on BAC. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.89.

Bank of America Profile

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.