Public Employees Retirement System of Ohio Purchases Shares of 2,841,613 Bank of America Co. (NYSE:BAC)

Public Employees Retirement System of Ohio purchased a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,841,613 shares of the financial services provider's stock, valued at approximately $124,889,000.

Other large investors have also recently bought and sold shares of the company. Collier Financial bought a new position in Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $29,000. Finally, Vega Investment Solutions purchased a new stake in shares of Bank of America during the 4th quarter valued at $30,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Argus lowered their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Price Performance

BAC stock opened at $43.27 on Friday. The firm's 50-day moving average price is $40.31 and its two-hundred day moving average price is $43.60. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The stock has a market capitalization of $325.90 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. As a group, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

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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