Oregon Public Employees Retirement Fund reduced its stake in Bank of America Co. (NYSE:BAC) by 5.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 598,990 shares of the financial services provider’s stock after selling 34,780 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Bank of America were worth $18,155,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Ritholtz Wealth Management grew its stake in Bank of America by 14.3% in the 4th quarter. Ritholtz Wealth Management now owns 40,124 shares of the financial services provider’s stock valued at $1,216,000 after purchasing an additional 5,020 shares during the period. Anchor Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter worth $1,255,000. Woodstock Corp grew its stake in shares of Bank of America by 4.6% during the 4th quarter. Woodstock Corp now owns 157,664 shares of the financial services provider’s stock worth $4,779,000 after acquiring an additional 6,951 shares during the period. Holloway Wealth Management LLC grew its stake in shares of Bank of America by 2.6% during the 4th quarter. Holloway Wealth Management LLC now owns 174,204 shares of the financial services provider’s stock worth $5,280,000 after acquiring an additional 4,373 shares during the period. Finally, Citadel Investment Advisory Inc. bought a new position in shares of Bank of America during the 4th quarter worth $1,044,000. 68.10% of the stock is owned by institutional investors and hedge funds.
BAC traded up $0.69 on Tuesday, hitting $35.84. 1,392,150 shares of the company were exchanged, compared to its average volume of 51,915,648. The firm has a fifty day simple moving average of $32.38 and a two-hundred day simple moving average of $27.88. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. Bank of America Co. has a 12 month low of $17.95 and a 12 month high of $35.25. The stock has a market capitalization of $310.04 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59.
Bank of America declared that its board has initiated a stock repurchase program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 5th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 4th. This represents a $0.72 annualized dividend and a yield of 2.01%. Bank of America’s payout ratio is 24.49%.
Several brokerages have commented on BAC. Credit Suisse Group raised their target price on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price target on the stock in a report on Tuesday, January 26th. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Friday, January 22nd. Royal Bank of Canada raised their price target on Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Finally, Daiwa Capital Markets began coverage on Bank of America in a report on Wednesday, January 6th. They issued a “neutral” rating and a $31.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $33.13.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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