Teachers Retirement System of The State of Kentucky Sells 47,717 Shares of Bank of America Co. (NYSE:BAC)

Teachers Retirement System of The State of Kentucky lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,377,777 shares of the financial services provider's stock after selling 47,717 shares during the period. Bank of America accounts for about 0.5% of Teachers Retirement System of The State of Kentucky's portfolio, making the stock its 24th largest position. Teachers Retirement System of The State of Kentucky's holdings in Bank of America were worth $60,554,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. grew its position in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Morse Asset Management Inc bought a new stake in shares of Bank of America during the third quarter worth about $306,000. SkyView Investment Advisors LLC lifted its position in Bank of America by 4.3% in the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider's stock valued at $619,000 after acquiring an additional 645 shares in the last quarter. Tudor Financial Inc. acquired a new position in Bank of America during the 3rd quarter valued at about $645,000. Finally, Eaton Financial Holdings Company LLC bought a new position in shares of Bank of America in the third quarter valued at approximately $488,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.43.

Bank of America Trading Up 2.1 %

Bank of America stock traded up $0.80 during mid-day trading on Thursday, reaching $39.55. 26,682,715 shares of the company traded hands, compared to its average volume of 39,049,994. The firm's 50 day moving average price is $40.77 and its 200 day moving average price is $43.56. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $300.72 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

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.