California State Teachers Retirement System Sells 433,106 Shares of Bank of America Co. (NYSE:BAC)

California State Teachers Retirement System lowered its position in Bank of America Co. (NYSE:BAC - Free Report) by 3.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 10,807,156 shares of the financial services provider's stock after selling 433,106 shares during the period. Bank of America comprises approximately 0.6% of California State Teachers Retirement System's holdings, making the stock its 25th largest position. California State Teachers Retirement System owned 0.14% of Bank of America worth $474,975,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new position in Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System lifted its stake in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its stake in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.2 %

Shares of BAC stock opened at $39.67 on Monday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The stock's fifty day moving average price is $40.48 and its 200 day moving average price is $43.60. 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 company has a market cap of $301.60 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Royal Bank of Canada decreased their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.43.

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.

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