New York State Teachers Retirement System Reduces Stock Position in Bank of America Corporation (NYSE:BAC)

New York State Teachers Retirement System cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,429,140 shares of the financial services provider's stock after selling 288,480 shares during the quarter. Bank of America makes up approximately 0.5% of New York State Teachers Retirement System's holdings, making the stock its 26th largest holding. New York State Teachers Retirement System owned about 0.07% of Bank of America worth $226,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System increased its holdings in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Gradient Investments LLC increased its holdings in shares of Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH increased its holdings in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after acquiring an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.7%

Shares of BAC stock opened at $47.11 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a fifty day moving average of $43.31 and a two-hundred day moving average of $43.31. The firm has a market capitalization of $354.85 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company 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 annualized dividend and a dividend yield of 2.21%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Truist Financial lowered their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Oppenheimer restated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Finally, Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.65.

About Bank of America

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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