Louisiana State Employees Retirement System Has $11.75 Million Position in Bank of America Corp (NYSE:BAC)

Louisiana State Employees Retirement System lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 9.2% during the third quarter, Holdings Channel reports. The fund owned 402,900 shares of the financial services provider’s stock after selling 40,600 shares during the quarter. Bank of America comprises 0.6% of Louisiana State Employees Retirement System’s investment portfolio, making the stock its 18th largest position. Louisiana State Employees Retirement System’s holdings in Bank of America were worth $11,753,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in Bank of America by 41.7% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock valued at $1,622,000 after purchasing an additional 16,465 shares in the last quarter. First Bank & Trust increased its stake in Bank of America by 16.6% during the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 657 shares in the last quarter. Coastal Capital Group Inc. increased its stake in Bank of America by 7.0% during the 2nd quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 966 shares in the last quarter. Geneva Partners LLC increased its stake in Bank of America by 51.7% during the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after purchasing an additional 40,711 shares in the last quarter. Finally, Girard Partners LTD. increased its stake in Bank of America by 70.7% during the 2nd quarter. Girard Partners LTD. now owns 188,304 shares of the financial services provider’s stock valued at $5,460,000 after purchasing an additional 77,997 shares in the last quarter. Institutional investors own 68.48% of the company’s stock.

In other news, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the transaction, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Several analysts have recently issued reports on the stock. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Morgan Stanley reduced their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Finally, Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a research note on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $32.39.

Shares of Bank of America stock opened at $31.60 on Friday. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.52. The company has a market cap of $291.91 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 1.21 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. The company’s 50-day moving average price is $29.28 and its 200-day moving average price is $28.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. Bank of America’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.66 earnings per share. On average, sell-side analysts predict that Bank of America Corp will post 2.88 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is 27.59%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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