California Public Employees Retirement System decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 6.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,897,813 shares of the financial services provider’s stock after selling 1,778,500 shares during the quarter. Bank of America makes up about 1.0% of California Public Employees Retirement System’s holdings, making the stock its 11th biggest position. California Public Employees Retirement System owned approximately 0.24% of Bank of America worth $604,021,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in BAC. M Holdings Securities Inc. boosted its holdings in Bank of America by 72.9% in the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares during the period. Lbmc Investment Advisors LLC boosted its holdings in Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the period. YHB Investment Advisors Inc. boosted its holdings in Bank of America by 17.2% in the 2nd quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after purchasing an additional 23,729 shares during the period. Synovus Financial Corp boosted its holdings in Bank of America by 11.7% in the 2nd quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock valued at $14,416,000 after purchasing an additional 62,064 shares during the period. Finally, Montag A & Associates Inc. boosted its holdings in Bank of America by 47.4% in the 2nd quarter. Montag A & Associates Inc. now owns 385,764 shares of the financial services provider’s stock valued at $9,359,000 after purchasing an additional 123,986 shares during the period. Institutional investors own 68.28% of the company’s stock.
A number of equities analysts have recently commented on BAC shares. J P Morgan Chase & Co raised their price objective on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Vetr raised shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price objective for the company in a report on Tuesday, November 7th. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price objective on shares of Bank of America in a report on Friday, August 25th. UBS set a $27.00 price objective on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the stock. Bank of America presently has an average rating of “Buy” and an average price target of $26.25.
Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. equities research analysts forecast that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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