Bank of America Corporation $BAC Shares Bought by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Bank of America Corporation (NYSE:BAC) by 6.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,607,094 shares of the financial services provider’s stock after purchasing an additional 92,854 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Bank of America were worth $76,048,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Empower Advisory Group LLC grew its position in shares of Bank of America by 1.2% in the 2nd quarter. Empower Advisory Group LLC now owns 1,988,257 shares of the financial services provider’s stock worth $94,084,000 after acquiring an additional 24,156 shares in the last quarter. Foundations Investment Advisors LLC raised its position in shares of Bank of America by 4.2% during the 2nd quarter. Foundations Investment Advisors LLC now owns 52,061 shares of the financial services provider’s stock valued at $2,464,000 after acquiring an additional 2,118 shares in the last quarter. Capstone Financial Advisors Inc. bought a new position in Bank of America during the second quarter worth $215,000. WP Advisors LLC acquired a new position in Bank of America in the second quarter worth $222,000. Finally, King Wealth Management Group bought a new stake in Bank of America during the second quarter valued at $212,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BAC shares. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. TD Cowen increased their price objective on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Piper Sandler lifted their target price on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Trading Down 0.6%

Shares of BAC stock opened at $52.57 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The firm has a market capitalization of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The stock has a fifty day moving average of $51.63 and a two-hundred day moving average of $47.99. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

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.