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

State of Michigan Retirement System decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the 4th quarter, according to the company in its most recent 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 reporting period.

Several other large investors have also added to or reduced their stakes in the business. Bedel Financial Consulting Inc. lifted its stake in Bank of America by 4.7% in the fourth quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock valued at $634,000 after buying an additional 600 shares during the period. Global Strategic Investment Solutions LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $209,000. Wernau Asset Management Inc. acquired a new position in shares of Bank of America during the 4th quarter valued at $4,330,000. Gryphon Financial Partners LLC boosted its stake in Bank of America by 6.8% during the fourth quarter. Gryphon Financial Partners LLC now owns 17,324 shares of the financial services provider’s stock worth $761,000 after acquiring an additional 1,097 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its holdings in Bank of America by 8.3% in the fourth quarter. Meridian Wealth Management LLC now owns 31,776 shares of the financial services provider’s stock worth $1,397,000 after purchasing an additional 2,444 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.51 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $346.09 billion, a PE ratio of 14.13, a PEG ratio of 1.21 and a beta of 1.33. The stock’s 50 day moving average price is $45.81 and its 200-day moving average price is $43.67. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. 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 payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley upped 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 report 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. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.