Bank of America Co. (NYSE:BAC) is Kentucky Retirement Systems Insurance Trust Fund’s 8th Largest Position

Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in Bank of America Co. (NYSE:BAC) by 89.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 377,719 shares of the financial services provider’s stock after acquiring an additional 177,844 shares during the period. Bank of America accounts for about 1.5% of Kentucky Retirement Systems Insurance Trust Fund’s portfolio, making the stock its 8th largest holding. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Bank of America were worth $16,601,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Swedbank AB raised its holdings in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the period. Net Worth Advisory Group purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $232,000. Chicago Capital LLC lifted its holdings in shares of Bank of America by 1.8% in the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 250 shares during the last quarter. Resonant Capital Advisors LLC boosted its position in shares of Bank of America by 2.8% during the 3rd quarter. Resonant Capital Advisors LLC now owns 17,438 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 478 shares during the period. Finally, Cyndeo Wealth Partners LLC increased its holdings in Bank of America by 20.8% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 29,100 shares of the financial services provider’s stock valued at $1,155,000 after purchasing an additional 5,007 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.98 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 12 month low of $32.49 and a 12 month high of $48.08. The firm has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.29 and a beta of 1.33. The company’s fifty day moving average price is $45.75 and its 200 day moving average price is $43.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued 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 payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several research analysts have recently commented on BAC shares. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

About Bank of America

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.