California Public Employees Retirement System Has $821.60 Million Stock Position in Bank of America Corporation $BAC

California Public Employees Retirement System increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 6.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 17,362,631 shares of the financial services provider’s stock after purchasing an additional 997,323 shares during the period. Bank of America accounts for approximately 0.5% of California Public Employees Retirement System’s holdings, making the stock its 27th largest position. California Public Employees Retirement System owned about 0.23% of Bank of America worth $821,600,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cary Street Partners Financial LLC increased its holdings in shares of Bank of America by 24.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 146,781 shares of the financial services provider’s stock worth $6,946,000 after acquiring an additional 28,413 shares during the last quarter. Federated Hermes Inc. boosted its position in Bank of America by 3.9% during the second quarter. Federated Hermes Inc. now owns 4,932,445 shares of the financial services provider’s stock worth $233,403,000 after purchasing an additional 183,215 shares during the period. Jump Financial LLC increased its holdings in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Bank of America by 23.7% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 16,361 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 3,131 shares during the last quarter. Finally, Victory Financial Group LLC raised its position in shares of Bank of America by 32.9% in the second quarter. Victory Financial Group LLC now owns 11,313 shares of the financial services provider’s stock valued at $535,000 after purchasing an additional 2,799 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $53.94 on Friday. The firm has a market cap of $393.90 billion, a PE ratio of 14.70 and a beta of 1.30. 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 stock’s fifty day moving average price is $52.08 and its two-hundred day moving average price is $49.11. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.83.

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

Bank of America Announces Dividend

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

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, October 27th. HSBC upped their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Evercore ISI upped their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Finally, Daiwa Capital Markets lifted their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

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.