Kentucky Retirement Systems Insurance Trust Fund Raises Holdings in Bank of America Co. (NYSE:BAC)

Kentucky Retirement Systems Insurance Trust Fund boosted its position in Bank of America Co. (NYSE:BAC - Free Report) by 89.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 377,719 shares of the financial services provider's stock after purchasing an additional 177,844 shares during the period. Bank of America comprises approximately 1.5% of Kentucky Retirement Systems Insurance Trust Fund's portfolio, making the stock its 8th biggest holding. Kentucky Retirement Systems Insurance Trust Fund's holdings in Bank of America were worth $16,601,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after buying an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter valued at $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 1.1 %

Shares of BAC traded down $0.51 during trading hours on Friday, hitting $44.80. The company had a trading volume of 43,472,525 shares, compared to its average volume of 35,078,777. The stock's 50 day moving average price is $45.75 and its 200 day moving average price is $43.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $343.71 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52-week low of $33.37 and a 52-week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business's revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. On average, research analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America's payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BAC. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, December 3rd. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $48.58.

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.