Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Holdings in Bank of America Corporation (BAC)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 739,362 shares of the financial services provider’s stock after selling 4,287 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Bank of America Corporation were worth $17,937,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of BAC. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the 2nd quarter worth about $100,000. Armbruster Capital Management Inc. boosted its stake in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in shares of Bank of America Corporation by 11.0% during the 2nd 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. Tarbox Family Office Inc. boosted its stake in shares of Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares during the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Bank of America Corporation by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 1,850 shares during the last quarter. Institutional investors own 62.19% of the company’s stock.

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Several equities research analysts recently issued reports on the stock. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price for the company in a research note on Wednesday, August 30th. Instinet reiterated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research note on Saturday, July 22nd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up from $27.00) on shares of Bank of America Corporation in a research note on Monday, October 16th. Finally, Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $25.82.

Bank of America Corporation (NYSE BAC) opened at $26.40 on Tuesday. The company has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a PEG ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corporation has a fifty-two week low of $19.40 and a fifty-two week high of $27.98.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. research analysts forecast that Bank of America Corporation will post 1.8 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.82%. Bank of America Corporation’s payout ratio is 27.43%.

About Bank of America Corporation

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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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