Alaska Permanent Fund Corp Sells 1,223 Shares of Bank of America Co. (NYSE:BAC)

Alaska Permanent Fund Corp trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,065 shares of the financial services provider’s stock after selling 1,223 shares during the period. Alaska Permanent Fund Corp’s holdings in Bank of America were worth $2,960,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Collective Family Office LLC grew its holdings in Bank of America by 22.2% during the first quarter. Collective Family Office LLC now owns 7,967 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 1,445 shares during the period. Foster Group Inc. grew its holdings in Bank of America by 19.4% during the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 1,457 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in Bank of America by 5.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 709,008 shares of the financial services provider’s stock valued at $26,886,000 after purchasing an additional 37,345 shares during the period. Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Bank of America by 11.6% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 15,089 shares of the financial services provider’s stock worth $572,000 after acquiring an additional 1,565 shares during the period. Finally, Emprise Bank bought a new position in shares of Bank of America in the first quarter worth $753,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 0.0 %

BAC opened at $40.00 on Friday. 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 company has a market cap of $312.81 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.78 and a beta of 1.36. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.31. The business’s 50-day moving average price is $38.46 and its 200-day moving average price is $35.69.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. Bank of America’s payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. Piper Sandler raised their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Citigroup raised their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.79.

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.