Louisiana State Employees Retirement System Acquires New Holdings in Bank of America Corporation $BAC

Louisiana State Employees Retirement System bought a new stake in Bank of America Corporation (NYSE:BAC) during the first quarter, Holdings Channel.com reports. The institutional investor bought 338,200 shares of the financial services provider’s stock, valued at approximately $16,487,000.

Several other hedge funds also recently bought and sold shares of BAC. Handelsbanken Fonder AB lifted its stake in Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after acquiring an additional 1,603,080 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in Bank of America by 11.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock valued at $34,974,000 after acquiring an additional 68,093 shares in the last quarter. Rafferty Asset Management LLC increased its stake in Bank of America by 4.1% during the third quarter. Rafferty Asset Management LLC now owns 2,267,830 shares of the financial services provider’s stock worth $116,997,000 after purchasing an additional 88,991 shares during the period. Legal & General Group Plc lifted its position in shares of Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after purchasing an additional 1,487,809 shares in the last quarter. Finally, Certuity LLC boosted its stake in shares of Bank of America by 5.1% in the third quarter. Certuity LLC now owns 523,113 shares of the financial services provider’s stock valued at $26,987,000 after purchasing an additional 25,268 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BAC shares. Morgan Stanley cut their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, UBS Group increased their price objective on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.23.

Bank of America Stock Up 0.6%

Shares of NYSE:BAC opened at $58.09 on Friday. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.20. The firm’s 50 day moving average price is $53.29 and its 200 day moving average price is $52.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market cap of $412.24 billion, a price-to-earnings ratio of 14.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of America’s payout ratio is presently 27.72%.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Citi raised its price target on Bank of America and maintained a Buy rating, signaling confidence ahead of the bank’s next earnings report. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Bank of America is being cited as a top blue-chip dividend stock, reinforcing its appeal to income-focused investors. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Analysts expect Bank of America to post double-digit bottom-line growth when it reports second-quarter earnings next month. What You Need to Know Ahead of Bank of America’s Earnings Release
• Positive Sentiment: The broader banking backdrop is constructive after major U.S. banks passed the Fed stress test, supporting expectations for stronger capital returns across the sector. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Bank of America also reiterated its upbeat view on Coinbase and Micron, showing the firm remains active and constructive on other market names, but these calls are not direct drivers for BAC shares. Bank of America predicts big upside for Coinbase
• Negative Sentiment: One note from TipRanks said Bank of America sees rising market-correction risk and advised investors to get defensive, which could temper overall risk appetite. Bank of America (BAC) Says Risks of a Market Correction Are Rising

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.