Kentucky Retirement Systems Has $20.39 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Kentucky Retirement Systems lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 463,910 shares of the financial services provider’s stock after selling 6,390 shares during the quarter. Bank of America makes up approximately 0.6% of Kentucky Retirement Systems’ holdings, making the stock its 25th biggest holding. Kentucky Retirement Systems’ holdings in Bank of America were worth $20,389,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Waterfront Wealth Inc. boosted its stake in Bank of America by 9.1% during the 4th quarter. Waterfront Wealth Inc. now owns 19,652 shares of the financial services provider’s stock worth $864,000 after acquiring an additional 1,645 shares during the last quarter. Financial Harvest LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $217,000. Boston Financial Mangement LLC raised its holdings in shares of Bank of America by 3.9% in the fourth quarter. Boston Financial Mangement LLC now owns 68,548 shares of the financial services provider’s stock valued at $3,013,000 after purchasing an additional 2,542 shares during the last quarter. First Bank & Trust increased its holdings in Bank of America by 6.5% during the fourth quarter. First Bank & Trust now owns 7,533 shares of the financial services provider’s stock worth $331,000 after buying an additional 458 shares during the last quarter. Finally, Advyzon Investment Management LLC acquired a new position in Bank of America during the fourth quarter worth $613,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

NYSE:BAC opened at $45.31 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50 day simple moving average of $45.77 and a 200-day simple moving average of $43.27. Bank of America Co. has a 1 year low of $33.17 and a 1 year high of $48.08. The firm has a market capitalization of $347.62 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s payout ratio is 32.30%.

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.