Alaska Permanent Fund Corp Reduces Position in Bank of America Co. (NYSE:BAC)

Alaska Permanent Fund Corp decreased its stake in Bank of America Co. (NYSE:BAC) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,288 shares of the financial services provider’s stock after selling 412 shares during the period. Alaska Permanent Fund Corp’s holdings in Bank of America were worth $2,670,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Barclays PLC boosted its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd raised its position in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP purchased a new position in Bank of America during the 3rd quarter worth $177,970,000. Canada Pension Plan Investment Board raised its position in Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after buying an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in Bank of America during the 3rd quarter worth $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Oppenheimer cut their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Trading Down 2.3 %

BAC stock traded down $0.87 during midday trading on Thursday, reaching $37.45. 7,342,986 shares of the company’s stock traded hands, compared to its average volume of 41,146,961. The company has a market capitalization of $295.50 billion, a P/E ratio of 13.14, a PEG ratio of 1.73 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The business has a 50-day moving average price of $35.98 and a two-hundred day moving average price of $32.61.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.18 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Bank of America’s dividend payout ratio is currently 33.22%.

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.