State of Michigan Retirement System Sells 22,100 Shares of Bank of America Co. (NYSE:BAC)

State of Michigan Retirement System decreased its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,924,512 shares of the financial services provider’s stock after selling 22,100 shares during the period. State of Michigan Retirement System’s holdings in Bank of America were worth $84,582,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of BAC. Bedel Financial Consulting Inc. increased its position in Bank of America by 4.7% during the fourth quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock worth $634,000 after buying an additional 600 shares during the last quarter. Global Strategic Investment Solutions LLC bought a new position in Bank of America during the 4th quarter worth $209,000. Wernau Asset Management Inc. acquired a new stake in Bank of America in the 4th quarter worth about $4,330,000. Gryphon Financial Partners LLC boosted its stake in shares of Bank of America by 6.8% in the fourth quarter. Gryphon Financial Partners LLC now owns 17,324 shares of the financial services provider’s stock valued at $761,000 after buying an additional 1,097 shares during the period. Finally, Meridian Wealth Management LLC lifted its position in shares of Bank of America by 8.3% during the 4th quarter. Meridian Wealth Management LLC now owns 31,776 shares of the financial services provider’s stock valued at $1,397,000 after acquiring an additional 2,444 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $45.51 on Tuesday. The stock has a market cap of $346.09 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company’s fifty day moving average is $45.81 and its 200 day moving average is $43.67. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Company Profile

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.