Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Holdings in Bank of America Co. (NYSE:BAC)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in Bank of America Co. (NYSE:BAC) by 3.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,419,391 shares of the financial services provider’s stock after selling 50,200 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Bank of America were worth $62,382,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at about $29,000. Highline Wealth Partners LLC increased its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its position in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $42.24 on Thursday. The stock has a 50-day moving average price of $44.94 and a two-hundred day moving average price of $43.77. The company has a market cap of $321.10 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BAC shares. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Finally, Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.