Alaska Permanent Fund Corp Has $2.67 Million Position in Bank of America Co. (NYSE:BAC)

Alaska Permanent Fund Corp reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 79,288 shares of the financial services provider’s stock after selling 412 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Bank of America were worth $2,670,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Schechter Investment Advisors LLC grew its position in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after buying an additional 4,187 shares during the period. Stonebridge Capital Advisors LLC lifted its holdings in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Sarasin & Partners LLP bought a new position in shares of Bank of America during the 4th quarter valued at about $673,000. Finally, Pinnacle Associates Ltd. lifted its holdings in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 2.3 %

Shares of Bank of America stock traded down $0.87 on Thursday, reaching $37.45. 7,342,986 shares of the company were exchanged, compared to its average volume of 41,146,961. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a market capitalization of $295.50 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.73 and a beta of 1.39. 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 50-day moving average of $35.98 and a 200 day moving average of $32.61.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.18 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is 33.22%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BAC shares. Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $38.53.

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.