Kentucky Retirement Systems Sells 9,101 Shares of Bank of America Corporation (NYSE:BAC)

Kentucky Retirement Systems reduced its stake in Bank of America Corporation (NYSE:BAC) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,809 shares of the financial services provider's stock after selling 9,101 shares during the period. Bank of America accounts for 0.6% of Kentucky Retirement Systems' holdings, making the stock its 25th biggest holding. Kentucky Retirement Systems' holdings in Bank of America were worth $18,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $34,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BAC shares. Royal Bank Of Canada lowered their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. decreased 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 report on Thursday, April 3rd. Piper Sandler decreased their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Stock Up 1.0%

NYSE:BAC opened at $45.51 on Friday. The firm has a market capitalization of $342.78 billion, a P/E ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The company's fifty day moving average price is $42.36 and its 200-day moving average price is $43.31. 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 (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm 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 anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America's dividend payout ratio is presently 30.95%.

Bank of America Company 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.

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