Public Sector Pension Investment Board Sells 323,949 Shares of Bank of America Corporation $BAC

Public Sector Pension Investment Board lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,250,516 shares of the financial services provider’s stock after selling 323,949 shares during the period. Public Sector Pension Investment Board’s holdings in Bank of America were worth $153,814,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Evergreen Capital Management LLC boosted its stake in shares of Bank of America by 2.4% during the 2nd quarter. Evergreen Capital Management LLC now owns 331,372 shares of the financial services provider’s stock worth $15,681,000 after purchasing an additional 7,794 shares during the period. Headlands Technologies LLC lifted its stake in Bank of America by 2.2% in the second quarter. Headlands Technologies LLC now owns 142,036 shares of the financial services provider’s stock worth $6,721,000 after purchasing an additional 3,021 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Bank of America by 6.5% during the second quarter. CANADA LIFE ASSURANCE Co now owns 6,505,529 shares of the financial services provider’s stock valued at $307,992,000 after buying an additional 395,944 shares during the period. 44 Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $328,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Bank of America by 25.3% in the second quarter. Tower Research Capital LLC TRC now owns 269,121 shares of the financial services provider’s stock worth $12,735,000 after buying an additional 54,405 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.1%

NYSE BAC opened at $55.14 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $55.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. The company’s 50-day simple moving average is $52.39 and its two-hundred day simple moving average is $49.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Truist Financial boosted their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Phillip Securities boosted their target price on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Wolfe Research lifted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Finally, Piper Sandler upped their target price on shares of Bank of America from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.