State of Michigan Retirement System Has $79.66 Million Stake in Bank of America Corporation (NYSE:BAC)

State of Michigan Retirement System reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 0.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,909,012 shares of the financial services provider's stock after selling 15,500 shares during the period. State of Michigan Retirement System's holdings in Bank of America were worth $79,663,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter worth $25,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter worth $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America in the 4th quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc raised its position in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 276 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.6%

BAC traded down $0.26 during trading on Friday, hitting $46.71. The company's stock had a trading volume of 31,608,474 shares, compared to its average volume of 40,519,929. The firm has a market capitalization of $351.81 billion, a P/E ratio of 13.90, a PEG ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The stock's fifty day moving average price is $44.88 and its 200-day moving average price is $43.54. 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 (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 for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Piper Sandler reduced their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Cowen assumed coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Cfra Research lifted their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Finally, Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.89.

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.