State of Alaska Department of Revenue Buys 14,780 Shares of Bank of America Corporation (NYSE:BAC)

State of Alaska Department of Revenue boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 775,998 shares of the financial services provider's stock after buying an additional 14,780 shares during the quarter. State of Alaska Department of Revenue's holdings in Bank of America were worth $32,382,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter worth $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $34,000. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price objective 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. Royal Bank Of Canada dropped their target price 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. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Stock Up 1.8%

NYSE BAC traded up $0.79 during trading on Thursday, reaching $45.02. The company's stock had a trading volume of 37,676,876 shares, compared to its average volume of 39,791,457. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $339.09 billion, a PE ratio of 13.40, a PEG ratio of 1.22 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The business has a 50-day moving average price of $42.17 and a 200-day moving average price of $43.34.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America's dividend 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.