State Board of Administration of Florida Retirement System Has $356.25 Million Stake in Bank of America Corporation (BAC)

State Board of Administration of Florida Retirement System reduced its position in Bank of America Corporation (NYSE:BAC) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,684,710 shares of the financial services provider’s stock after selling 233,723 shares during the quarter. Bank of America Corporation comprises approximately 1.0% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 12th biggest holding. State Board of Administration of Florida Retirement System owned about 0.14% of Bank of America Corporation worth $356,251,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America Corporation during the second quarter valued at $100,000. Armbruster Capital Management Inc. grew its holdings in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in Bank of America Corporation by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the period. Tarbox Family Office Inc. lifted its position in Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares during the period. Finally, Lenox Wealth Advisors Inc. acquired a new position in Bank of America Corporation during the second quarter valued at $144,000. 62.34% of the stock is currently owned by institutional investors and hedge funds.

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A number of research analysts recently issued reports on the stock. Vetr downgraded shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $26.67 target price for the company. in a research report on Monday, November 6th. J P Morgan Chase & Co boosted their target price on shares of Bank of America Corporation from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Citigroup Inc. reiterated a “neutral” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Finally, Zacks Investment Research downgraded shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $25.82.

Shares of Bank of America Corporation (NYSE BAC) traded up $0.02 during mid-day trading on Friday, hitting $26.51. 61,099,898 shares of the stock traded hands, compared to its average volume of 80,011,258. The firm has a market cap of $276,306.88, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 52-week low of $18.63 and a 52-week high of $27.98. 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 (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. analysts forecast that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.81%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 27.43%.

Bank of America Corporation 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.

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

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