State of Michigan Retirement System Reduces Stock Holdings in Bank of America Corporation $BAC

State of Michigan Retirement System reduced its stake in Bank of America Corporation (NYSE:BAC) by 1.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,848,012 shares of the financial services provider’s stock after selling 25,500 shares during the period. State of Michigan Retirement System’s holdings in Bank of America were worth $90,091,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth $4,774,210,000. Bank of New York Mellon Corp lifted its position in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC lifted its position in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after acquiring an additional 2,611,776 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor’s Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.27% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $59.49 on Tuesday. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The company has a market capitalization of $422.18 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The firm has a 50-day simple moving average of $54.62 and a 200-day simple moving average of $52.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. Jefferies Financial Group raised their price objective on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Truist Financial upped their target price on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 26th. UBS Group upped their target price on Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group lifted their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Autonomous Res reduced their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.19.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.