Bank of America Co. (NYSE:BAC) is Kentucky Retirement Systems Insurance Trust Fund’s 8th Largest Position

Kentucky Retirement Systems Insurance Trust Fund lifted its position in Bank of America Co. (NYSE:BAC) by 89.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 377,719 shares of the financial services provider’s stock after buying an additional 177,844 shares during the period. Bank of America makes up about 1.5% of Kentucky Retirement Systems Insurance Trust Fund’s portfolio, making the stock its 8th largest position. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Bank of America were worth $16,601,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BAC. Swedbank AB grew its position 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 purchasing an additional 50,849 shares during the last quarter. Net Worth Advisory Group acquired a new position in shares of Bank of America in the third quarter valued at about $232,000. Chicago Capital LLC raised its stake in shares of Bank of America by 1.8% in the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 250 shares during the last quarter. Resonant Capital Advisors LLC lifted its holdings in shares of Bank of America by 2.8% during the third quarter. Resonant Capital Advisors LLC now owns 17,438 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 478 shares during the period. Finally, Cyndeo Wealth Partners LLC increased its holdings in Bank of America by 20.8% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 29,100 shares of the financial services provider’s stock worth $1,155,000 after buying an additional 5,007 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

NYSE BAC opened at $46.98 on Tuesday. Bank of America Co. has a one year low of $32.49 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business has a fifty day moving average price of $45.75 and a 200 day moving average price of $43.12. The company has a market cap of $360.47 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm 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%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.