Oregon Public Employees Retirement Fund Reduces Holdings in Bank of America Co. (NYSE:BAC)

Oregon Public Employees Retirement Fund cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 572,302 shares of the financial services provider’s stock after selling 5,700 shares during the period. Bank of America comprises about 0.5% of Oregon Public Employees Retirement Fund’s investment portfolio, making the stock its 27th biggest holding. Oregon Public Employees Retirement Fund’s holdings in Bank of America were worth $25,153,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Swedbank AB increased its stake in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after buying an additional 50,849 shares during the last quarter. Orrstown Financial Services Inc. acquired a new position in Bank of America during the 3rd quarter worth $389,000. Pallas Capital Advisors LLC raised its stake in shares of Bank of America by 21.1% in the 3rd quarter. Pallas Capital Advisors LLC now owns 156,955 shares of the financial services provider’s stock valued at $6,694,000 after purchasing an additional 27,395 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of Bank of America by 0.3% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock worth $4,001,000 after purchasing an additional 330 shares during the last quarter. Finally, abrdn plc grew its stake in Bank of America by 2.1% in the third quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock worth $250,261,000 after purchasing an additional 128,255 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective 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. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Finally, Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of NYSE BAC opened at $43.97 on Wednesday. Bank of America Co. has a 12 month low of $33.53 and a 12 month high of $48.08. The company has a market cap of $337.35 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.21 and a beta of 1.33. The business’s 50 day moving average is $45.71 and its two-hundred day moving average is $43.50. 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 (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for 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 firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $0.70 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.