Public Employees Retirement System of Ohio raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 21.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,067,018 shares of the financial services provider’s stock after buying an additional 1,579,307 shares during the period. Bank of America Corporation accounts for approximately 1.2% of Public Employees Retirement System of Ohio’s portfolio, making the stock its 10th largest position. Public Employees Retirement System of Ohio owned approximately 0.09% of Bank of America Corporation worth $213,891,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. E&G Advisors LP boosted its position in shares of Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock valued at $1,825,000 after buying an additional 11,435 shares in the last quarter. Adirondack Trust Co. boosted its position in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares in the last quarter. Park National Corp OH boosted its position in shares of Bank of America Corporation by 0.8% in the first quarter. Park National Corp OH now owns 841,364 shares of the financial services provider’s stock valued at $19,848,000 after buying an additional 6,465 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock valued at $88,271,000 after buying an additional 55,953 shares in the last quarter. Finally, Baldwin Brothers Inc. MA boosted its position in shares of Bank of America Corporation by 3.4% in the first quarter. Baldwin Brothers Inc. MA now owns 350,402 shares of the financial services provider’s stock valued at $8,266,000 after buying an additional 11,575 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.3989% during trading on Wednesday, reaching $24.3724. The company’s stock had a trading volume of 16,614,666 shares. The company has a market capitalization of $256.31 billion, a P/E ratio of 14.5160 and a beta of 1.27. Bank of America Corporation has a 12 month low of $14.70 and a 12 month high of $25.80. The company’s 50-day moving average is $24.34 and its 200-day moving average is $23.81.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. On average, analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.
Bank of America Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities analysts recently issued reports on BAC shares. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price objective for the company. in a report on Tuesday, July 4th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target for the company in a report on Wednesday, April 19th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a report on Wednesday, May 3rd. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a report on Friday, May 5th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $28.00 price target (up from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.
About Bank of America Corporation
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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