Public Employees Retirement Association of Colorado Sells 47,445 Shares of Bank of America Co. (NYSE:BAC)

Public Employees Retirement Association of Colorado lessened its position in Bank of America Co. (NYSE:BAC - Free Report) by 4.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 933,512 shares of the financial services provider's stock after selling 47,445 shares during the period. Public Employees Retirement Association of Colorado's holdings in Bank of America were worth $41,028,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Principal Financial Group Inc. boosted its holdings in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after buying an additional 569,385 shares during the period. Morse Asset Management Inc bought a new stake in shares of Bank of America during the 3rd quarter worth about $306,000. SkyView Investment Advisors LLC boosted its holdings in shares of Bank of America by 4.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider's stock worth $619,000 after buying an additional 645 shares during the period. Tudor Financial Inc. bought a new stake in Bank of America in the 3rd quarter valued at about $645,000. Finally, Eaton Financial Holdings Company LLC bought a new stake in Bank of America in the 3rd quarter valued at about $488,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Stock Up 0.6 %

BAC traded up $0.22 during midday trading on Tuesday, reaching $40.00. 33,781,321 shares of the company were exchanged, compared to its average volume of 39,181,830. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company's fifty day moving average price is $40.36 and its 200 day moving average price is $43.59. The company has a market cap of $304.11 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.60%. Bank of America's payout ratio is 30.95%.

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.