State of Michigan Retirement System Has $90.01 Million Position in Bank of America Corporation $BAC

State of Michigan Retirement System cut its position in Bank of America Corporation (NYSE:BAC) by 0.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,902,212 shares of the financial services provider’s stock after selling 6,800 shares during the quarter. State of Michigan Retirement System’s holdings in Bank of America were worth $90,013,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. iA Global Asset Management Inc. raised its position in shares of Bank of America by 9.7% in the 2nd quarter. iA Global Asset Management Inc. now owns 583,580 shares of the financial services provider’s stock valued at $27,615,000 after buying an additional 51,740 shares in the last quarter. Tredje AP fonden raised its position in shares of Bank of America by 0.6% in the 2nd quarter. Tredje AP fonden now owns 1,585,812 shares of the financial services provider’s stock valued at $75,041,000 after buying an additional 9,807 shares in the last quarter. Gilbert & Cook Inc. raised its position in shares of Bank of America by 5.9% in the 2nd quarter. Gilbert & Cook Inc. now owns 16,790 shares of the financial services provider’s stock valued at $795,000 after buying an additional 932 shares in the last quarter. TIAA Trust National Association raised its position in shares of Bank of America by 13.0% in the 2nd quarter. TIAA Trust National Association now owns 797,974 shares of the financial services provider’s stock valued at $37,760,000 after buying an additional 91,947 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its position in shares of Bank of America by 7.3% in the 2nd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 13,786 shares of the financial services provider’s stock valued at $652,000 after buying an additional 936 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.0%

BAC opened at $53.55 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.64. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The company’s 50 day moving average price is $51.03 and its two-hundred day moving average price is $47.02.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Analysts Set New Price Targets

A number of research firms recently issued reports on BAC. UBS Group upped their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Robert W. Baird upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday. Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.59.

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.