State Board of Administration of Florida Retirement System Acquires 38,937 Shares of Bank of America Corporation $BAC

State Board of Administration of Florida Retirement System grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,664,900 shares of the financial services provider’s stock after buying an additional 38,937 shares during the period. Bank of America makes up 0.6% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 24th largest holding. State Board of Administration of Florida Retirement System owned about 0.09% of Bank of America worth $315,383,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of BAC. Deutsche Bank AG boosted its stake in 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 acquiring an additional 14,960,086 shares in the last quarter. ABN AMRO Bank N.V. acquired a new position in shares of Bank of America during the second quarter valued at about $202,439,000. Unisphere Establishment boosted its position in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $164,623,000. Finally, Maverick Capital Ltd. bought a new stake in Bank of America in the 1st quarter valued at about $152,098,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.01 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day simple moving average is $51.85 and its two-hundred day simple moving average is $48.66. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The stock has a market cap of $387.07 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 EPS. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Morgan Stanley increased their price target on Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Barclays lifted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Keefe, Bruyette & Woods restated 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, Wells Fargo & Company raised their price objective on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Company 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.