New Mexico Educational Retirement Board Raises Position in Bank of America Co. (NYSE:BAC)

New Mexico Educational Retirement Board grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 14.6% during the first quarter, HoldingsChannel reports. The firm owned 413,354 shares of the financial services provider’s stock after purchasing an additional 52,600 shares during the quarter. Bank of America accounts for approximately 0.6% of New Mexico Educational Retirement Board’s investment portfolio, making the stock its 22nd largest holding. New Mexico Educational Retirement Board’s holdings in Bank of America were worth $17,038,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, Darsana Capital Partners LP acquired a new stake in Bank of America in the 3rd quarter valued at $177,970,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Piper Sandler raised their target price on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Trading Up 1.3 %

NYSE BAC traded up $0.52 on Friday, hitting $39.77. 52,028,200 shares of the stock were exchanged, compared to its average volume of 35,164,596. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.52 and a beta of 1.36. The company’s 50-day moving average price is $38.91 and its two-hundred day moving average price is $36.10.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.