State of Alaska Department of Revenue Purchases 14,780 Shares of Bank of America Corporation (NYSE:BAC)

State of Alaska Department of Revenue boosted its holdings in Bank of America Corporation (NYSE:BAC) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 775,998 shares of the financial services provider’s stock after buying an additional 14,780 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of America were worth $32,382,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Avalon Trust Co raised its holdings in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC increased its holdings in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares in the last quarter. TAGStone Capital Inc. raised its position in Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management lifted its stake in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock valued at $528,000 after acquiring an additional 233 shares during the period. Finally, Proactive Wealth Strategies LLC boosted its holdings in shares of Bank of America by 3.9% during the 4th quarter. Proactive Wealth Strategies LLC now owns 6,329 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 237 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $44.22 on Wednesday. The stock has a market cap of $333.08 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The business has a 50-day simple moving average of $41.83 and a 200-day simple moving average of $43.34. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Royal Bank Of Canada reduced their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.69.

About Bank of America

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.