Illinois Municipal Retirement Fund Has $16.40 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Illinois Municipal Retirement Fund grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 393,009 shares of the financial services provider’s stock after purchasing an additional 10,035 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Bank of America were worth $16,400,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter worth about $34,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4%

Shares of Bank of America stock opened at $47.51 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market capitalization of $357.83 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. The firm’s 50-day moving average price is $43.12 and its two-hundred day moving average price is $43.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is 30.95%.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Piper Sandler cut their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.56.

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.