State of Alaska Department of Revenue Sells 77,835 Shares of Bank of America Co. (NYSE:BAC)

State of Alaska Department of Revenue reduced its holdings in Bank of America Co. (NYSE:BAC) by 9.2% in the 4th quarter, HoldingsChannel reports. The fund owned 767,548 shares of the financial services provider’s stock after selling 77,835 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of America were worth $25,842,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at about $25,000. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $28,000. Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC grew its stake in Bank of America by 192.3% in the 4th 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, Live Oak Investment Partners purchased a new stake in shares of Bank of America during the 4th quarter valued at $39,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.3 %

BAC stock traded up $0.11 during midday trading on Friday, hitting $37.92. 42,262,527 shares of the company’s stock were exchanged, compared to its average volume of 41,416,252. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $299.21 billion, a PE ratio of 12.35, a P/E/G ratio of 1.74 and a beta of 1.38. The business has a 50-day simple moving average of $34.59 and a two-hundred day simple moving average of $31.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $0.85 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.11 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s payout ratio is currently 31.27%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. HSBC reissued a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday. The Goldman Sachs Group raised their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

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.