New Mexico Educational Retirement Board Reduces Position in Bank of America Corporation (NYSE:BAC)

New Mexico Educational Retirement Board trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 311,954 shares of the financial services provider's stock after selling 9,900 shares during the quarter. Bank of America makes up approximately 0.5% of New Mexico Educational Retirement Board's investment portfolio, making the stock its 25th largest position. New Mexico Educational Retirement Board's holdings in Bank of America were worth $13,018,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Bank of America by 65.3% during the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after buying an additional 7,999 shares during the last quarter. Johnson Investment Counsel Inc. boosted its stake in Bank of America by 5.1% during the fourth quarter. Johnson Investment Counsel Inc. now owns 241,735 shares of the financial services provider's stock worth $10,624,000 after buying an additional 11,704 shares during the last quarter. Finally, Independent Advisor Alliance boosted its stake in Bank of America by 11.6% during the fourth quarter. Independent Advisor Alliance now owns 246,724 shares of the financial services provider's stock worth $10,844,000 after buying an additional 25,666 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAC shares. Robert W. Baird reissued a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and upped their price target for the company from $47.00 to $51.00 in a research note on Monday. Finally, Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.89.

Bank of America Stock Down 0.6%

Shares of BAC traded down $0.26 during mid-day trading on Friday, reaching $46.71. The company's stock had a trading volume of 31,608,474 shares, compared to its average volume of 40,554,722. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock has a market cap of $351.81 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.27 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. The company's 50 day moving average is $44.99 and its 200 day moving average is $43.56.

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 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal 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 issued a $0.26 dividend. 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 payout ratio is currently 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.