State of New Jersey Common Pension Fund D Has $113.56 Million Position in Bank of America Co. (NYSE:BAC)

State of New Jersey Common Pension Fund D reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,583,858 shares of the financial services provider’s stock after selling 14,710 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Bank of America were worth $113,561,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares during the last quarter. Sanders Capital LLC lifted its holdings in Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Bank of America by 1.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after purchasing an additional 285,117 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.4 %

Bank of America stock opened at $46.98 on Monday. Bank of America Co. has a twelve month low of $32.49 and a twelve month high of $48.08. The company has a 50 day moving average of $45.75 and a 200-day moving average of $43.10. The stock has a market capitalization of $360.47 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. 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 announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.