Police & Firemen s Retirement System of New Jersey Has $49.27 Million Stock Position in Bank of America Corporation $BAC

Police & Firemen s Retirement System of New Jersey grew its holdings in Bank of America Corporation (NYSE:BAC) by 7.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,041,114 shares of the financial services provider’s stock after purchasing an additional 72,058 shares during the quarter. Bank of America makes up approximately 0.5% of Police & Firemen s Retirement System of New Jersey’s holdings, making the stock its 25th biggest holding. Police & Firemen s Retirement System of New Jersey’s holdings in Bank of America were worth $49,266,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Geode Capital Management LLC grew its holdings in Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after acquiring an additional 403,652 shares during the period. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi increased its holdings in Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Bank of America by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Bank of America by 5.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after buying an additional 894,027 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $54.03 on Thursday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The firm has a market capitalization of $394.57 billion, a PE ratio of 14.72, a PEG ratio of 1.99 and a beta of 1.34. The company’s 50-day moving average is $51.52 and its 200-day moving average is $47.87. 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 (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company posted $0.81 earnings per share. Bank of America’s revenue was up 10.8% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. lifted their target price on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Wells Fargo & Company increased their price target on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Finally, Piper Sandler boosted their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America 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.