Public Employees Retirement System of Ohio Sells 1,562,685 Shares of Bank of America Corp (BAC)
Public Employees Retirement System of Ohio lessened its stake in Bank of America Corp (NYSE:BAC) by 18.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,058,033 shares of the financial services provider’s stock after selling 1,562,685 shares during the quarter. Bank of America makes up about 0.9% of Public Employees Retirement System of Ohio’s holdings, making the stock its 12th largest position. Public Employees Retirement System of Ohio’s holdings in Bank of America were worth $178,851,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Burt Wealth Advisors lifted its holdings in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares during the period. MPS Loria Financial Planners LLC bought a new stake in Bank of America during the second quarter worth $115,000. Legacy Advisors LLC bought a new stake in Bank of America during the third quarter worth $115,000. HWG Holdings LP bought a new stake in Bank of America during the third quarter worth $116,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America during the third quarter worth $128,000. Institutional investors own 69.28% of the company’s stock.
A number of brokerages recently commented on BAC. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $28.21 price target on the stock. in a report on Tuesday. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada lifted their price target on Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Morgan Stanley lifted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $29.00 target price (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $29.99.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 earnings per share. equities analysts predict that Bank of America Corp will post 2.46 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.
Bank of America declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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