Retirement Systems of Alabama decreased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 8.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,790,695 shares of the financial services provider's stock after selling 349,525 shares during the quarter. Bank of America accounts for approximately 0.6% of Retirement Systems of Alabama's investment portfolio, making the stock its 28th largest position. Retirement Systems of Alabama's holdings in Bank of America were worth $150,415,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of BAC. Longfellow Investment Management Co. LLC increased its holdings in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider's stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. grew its position in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider's stock worth $828,000 after buying an additional 231 shares during the last quarter. McAdam LLC increased its stake in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider's stock valued at $455,000 after buying an additional 238 shares during the period. Integrity Financial Corp WA raised its holdings in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider's stock valued at $590,000 after acquiring an additional 240 shares in the last quarter. Finally, BTC Capital Management Inc. raised its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider's stock valued at $805,000 after acquiring an additional 248 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have issued reports on BAC shares. Oppenheimer boosted their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, November 5th. Piper Sandler boosted their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Phillip Securities upgraded shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a report on Friday, October 18th. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.92.
Check Out Our Latest Stock Analysis on Bank of America
Insider Activity
In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 55,223,897 shares of company stock valued at $2,232,505,985 over the last three months. Insiders own 0.29% of the company's stock.
Bank of America Stock Down 0.9 %
NYSE BAC traded down $0.40 during mid-day trading on Friday, reaching $45.68. The stock had a trading volume of 32,899,230 shares, compared to its average volume of 38,222,914. The company has a fifty day moving average price of $44.27 and a 200 day moving average price of $41.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The stock has a market cap of $350.50 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.56 and a beta of 1.33.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company posted $0.90 earnings per share. The company's quarterly revenue was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.28%. Bank of America's payout ratio is 37.82%.
About Bank of America
(
Free Report)
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.
See Also
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.