Bank of America Co. (NYSE:BAC) Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System lifted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,538,500 shares of the financial services provider's stock after buying an additional 1,250,096 shares during the quarter. California Public Employees Retirement System owned approximately 0.28% of Bank of America worth $758,871,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America during the 3rd quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new position in Bank of America during the 4th quarter valued at about $32,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. ZRC Wealth Management LLC lifted its position in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its holdings in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider's stock worth $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.78 during mid-day trading on Monday, reaching $37.75. The stock had a trading volume of 43,853,873 shares, compared to its average volume of 41,810,023. The business's 50 day moving average price is $35.77 and its 200 day moving average price is $32.48. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a market cap of $297.87 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. Research analysts expect that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America's dividend payout ratio is 33.22%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. HSBC reaffirmed a "hold" rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a "market perform" rating in a research report on Friday, April 5th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $38.53.

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.