Bank of America Corporation (NYSE:BAC) Holdings Cut by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 311,954 shares of the financial services provider's stock after selling 9,900 shares during the period. Bank of America accounts for about 0.5% of New Mexico Educational Retirement Board's holdings, making the stock its 25th largest holding. New Mexico Educational Retirement Board's holdings in Bank of America were worth $13,018,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Westbourne Investment Advisors Inc. increased its position in shares of Bank of America by 0.8% during the first quarter. Westbourne Investment Advisors Inc. now owns 258,878 shares of the financial services provider's stock worth $10,803,000 after purchasing an additional 2,145 shares in the last quarter. Court Place Advisors LLC increased its position in shares of Bank of America by 1.2% during the first quarter. Court Place Advisors LLC now owns 23,699 shares of the financial services provider's stock worth $989,000 after purchasing an additional 277 shares in the last quarter. Rehmann Capital Advisory Group increased its position in shares of Bank of America by 13.2% during the first quarter. Rehmann Capital Advisory Group now owns 49,949 shares of the financial services provider's stock worth $2,085,000 after purchasing an additional 5,814 shares in the last quarter. Slagle Financial LLC grew its holdings in shares of Bank of America by 2.4% during the first quarter. Slagle Financial LLC now owns 69,791 shares of the financial services provider's stock worth $2,912,000 after buying an additional 1,618 shares during the last quarter. Finally, Cornerstone Planning Group LLC grew its holdings in shares of Bank of America by 55.7% during the first quarter. Cornerstone Planning Group LLC now owns 2,805 shares of the financial services provider's stock worth $109,000 after buying an additional 1,004 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Finally, Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.59.

Bank of America Stock Down 0.6%

NYSE BAC traded down $0.28 during trading hours on Wednesday, hitting $46.87. The company had a trading volume of 46,217,283 shares, compared to its average volume of 40,430,061. The firm's 50 day moving average is $44.60 and its 200 day moving average is $43.50. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market capitalization of $353.02 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.