State of Alaska Department of Revenue Has $33.46 Million Position in Bank of America Co. (NYSE:BAC)

State of Alaska Department of Revenue trimmed its position in Bank of America Co. (NYSE:BAC) by 5.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 761,218 shares of the financial services provider’s stock after selling 41,485 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of America were worth $33,455,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Adero Partners LLC boosted its holdings in Bank of America by 14.2% in the fourth quarter. Adero Partners LLC now owns 7,988 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 996 shares during the last quarter. YANKCOM Partnership acquired a new position in Bank of America during the 4th quarter valued at about $154,000. Brandywine Oak Private Wealth LLC grew its position in shares of Bank of America by 30.1% during the 4th quarter. Brandywine Oak Private Wealth LLC now owns 12,898 shares of the financial services provider’s stock worth $567,000 after buying an additional 2,981 shares during the period. Benchmark Financial Wealth Advisors LLC raised its stake in shares of Bank of America by 8.5% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 21,165 shares of the financial services provider’s stock worth $930,000 after buying an additional 1,663 shares during the last quarter. Finally, Onyx Bridge Wealth Group LLC lifted its holdings in Bank of America by 4.8% in the fourth quarter. Onyx Bridge Wealth Group LLC now owns 10,305 shares of the financial services provider’s stock valued at $453,000 after buying an additional 476 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.8 %

NYSE:BAC opened at $47.11 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market cap of $361.45 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. The business has a 50 day moving average price of $45.79 and a two-hundred day moving average price of $42.82.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.