New York State Common Retirement Fund Sells 507,499 Shares of Bank of America Corp (BAC)
New York State Common Retirement Fund trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,712,404 shares of the financial services provider’s stock after selling 507,499 shares during the period. Bank of America comprises approximately 1.0% of New York State Common Retirement Fund’s portfolio, making the stock its 12th biggest holding. New York State Common Retirement Fund’s holdings in Bank of America were worth $752,912,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in Bank of America during the second quarter worth $100,000. Chicago Partners Investment Group LLC increased its position in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Bank of America during the second quarter worth $115,000. Legacy Advisors LLC acquired a new position in Bank of America during the third quarter worth $115,000. Finally, Bristlecone Advisors LLC acquired a new position in Bank of America during the third quarter worth $128,000. Institutional investors and hedge funds own 68.43% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $31.19 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a one year low of $22.01 and a one year high of $31.20. The firm has a market cap of $325,330.00, a PE ratio of 18.13, a P/E/G ratio of 1.71 and a beta of 1.32.
Bank of America announced that its board has authorized a stock buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is presently 27.91%.
Several research firms have commented on BAC. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $29.00 price target (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Barclays raised their price target on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Finally, Societe Generale downgraded Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $29.14.
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Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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