New York State Teachers Retirement System Has $251.29 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

New York State Teachers Retirement System trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 10.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,717,620 shares of the financial services provider’s stock after selling 644,627 shares during the quarter. Bank of America makes up about 0.5% of New York State Teachers Retirement System’s portfolio, making the stock its 25th largest holding. New York State Teachers Retirement System owned about 0.07% of Bank of America worth $251,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in BAC. CX Institutional grew its holdings in Bank of America by 5.3% during the 3rd quarter. CX Institutional now owns 33,263 shares of the financial services provider’s stock worth $1,320,000 after acquiring an additional 1,667 shares during the last quarter. Swedbank AB grew its holdings in Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after acquiring an additional 50,849 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in Bank of America by 33.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock worth $8,252,000 after acquiring an additional 51,903 shares during the last quarter. Physician Wealth Advisors Inc. grew its holdings in Bank of America by 8.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 7,570 shares of the financial services provider’s stock worth $319,000 after acquiring an additional 604 shares during the last quarter. Finally, Twelve Points Wealth Management LLC grew its holdings in Bank of America by 4.4% during the 3rd quarter. Twelve Points Wealth Management LLC now owns 8,808 shares of the financial services provider’s stock worth $350,000 after acquiring an additional 369 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC stock opened at $46.32 on Friday. The firm has a 50 day moving average of $45.76 and a 200-day moving average of $43.02. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. 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 $355.40 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $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 company 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 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

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.