New Mexico Educational Retirement Board Sells 10,800 Shares of Bank of America Co. (NYSE:BAC)

New Mexico Educational Retirement Board reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 321,854 shares of the financial services provider’s stock after selling 10,800 shares during the period. Bank of America makes up approximately 0.5% of New Mexico Educational Retirement Board’s portfolio, making the stock its 25th largest position. New Mexico Educational Retirement Board’s holdings in Bank of America were worth $14,145,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BAC. Adell Harriman & Carpenter Inc. boosted its holdings in shares of Bank of America by 4.8% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 47,131 shares of the financial services provider’s stock valued at $2,071,000 after buying an additional 2,176 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after buying an additional 226,246 shares during the last quarter. Autumn Glory Partners LLC boosted its holdings in shares of Bank of America by 9.1% in the 4th quarter. Autumn Glory Partners LLC now owns 17,154 shares of the financial services provider’s stock valued at $754,000 after buying an additional 1,432 shares during the last quarter. AustralianSuper Pty Ltd boosted its holdings in shares of Bank of America by 5.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 225,198 shares of the financial services provider’s stock valued at $9,897,000 after buying an additional 11,584 shares during the last quarter. Finally, Kanawha Capital Management LLC boosted its holdings in shares of Bank of America by 11.4% in the 4th quarter. Kanawha Capital Management LLC now owns 19,675 shares of the financial services provider’s stock valued at $865,000 after buying an additional 2,010 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.4 %

Shares of NYSE BAC opened at $46.98 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $32.49 and a 52 week high of $48.08. The stock has a market capitalization of $360.47 billion, a P/E ratio of 14.59, a PEG ratio of 1.29 and a beta of 1.33. The stock’s fifty day moving average is $45.75 and its 200 day moving average is $43.05.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

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.