Retirement Systems of Alabama Has $143.29 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Retirement Systems of Alabama cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,433,670 shares of the financial services provider's stock after selling 329,924 shares during the period. Retirement Systems of Alabama's holdings in Bank of America were worth $143,287,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Avalon Trust Co raised its stake in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares in the last quarter. TAGStone Capital Inc. raised its stake in shares of Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after purchasing an additional 227 shares in the last quarter. Hayek Kallen Investment Management raised its stake in shares of Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 233 shares in the last quarter. Continuum Advisory LLC raised its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after buying an additional 237 shares in the last quarter. Finally, World Equity Group Inc. raised its position in shares of Bank of America by 0.4% during the 4th quarter. World Equity Group Inc. now owns 59,151 shares of the financial services provider's stock worth $2,600,000 after buying an additional 240 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. 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. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Royal Bank Of Canada dropped their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Cfra Research boosted their price objective 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, five have issued a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Trading Up 1.0%

Shares of BAC stock traded up $0.45 during trading hours on Friday, reaching $45.51. 64,519,452 shares of the stock traded hands, compared to its average volume of 39,932,290. The business has a fifty day moving average price of $42.36 and a 200 day moving average price of $43.33. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The firm has a market capitalization of $342.78 billion, a PE ratio of 13.54, a PEG ratio of 1.22 and a beta of 1.30.

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 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.25% and a net margin of 14.56%. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. Bank of America's dividend payout ratio is 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.