Kentucky Retirement Systems Insurance Trust Fund has made it officially known that it now has a new position in the Bank of America Corp. (NYSE: BAC) shares. This information was made public via their disclosure to the Securities and Exchange Commission. Kentucky Retirement Systems Insurance Trust Fund has gained this new exposure to Bank of America in the fourth quarter.
Bank of America at 15th position in portfolio
Kentucky Retirement Systems Insurance Trust Fund now owns 327,159 shares of the Bank of America stock, which gives the Bank the 15th largest position in the portfolio. The total value of Kentucky Retirement Systems Insurance Trust Fund's holdings in the Bank's shares works out to about $7,230,000. As on date, about 1.2% of the Fund's portfolio is held by Bank of America. Kentucky Retirement Systems Insurance Trust Fund is not the only one to add to its exposure in the Bank. Recently, Proficio Capital Partners LLC increased its holding in Bank of America by buying up 346 shares over the last quarter to take its total stake to $101,000. Similarly, Empirical Finance LLC also invested $103,000 in Bank of America during the same period. Others who have increased their stake in the Bank are Tortoise Investment Management LLC and PHH Investments Ltd.
More about Bank of America
Meanwhile, Bank of America shares ended the day, trading down some 0.46%. It announced its quarterly earnings on 18th April, reporting a $0.41 EPS over the quarter. This was higher than the expected EPS predicted by Zack's. Return on equity stands at 6.85% and net margin at 18.10%. Interestingly, the company beat analyst expectations with respect to earnings for the quarter with its official $22.45 billion as opposed to the $21.77 billion that was predicted. Year on year comparison shows that Bank of America is ahead this year by 6.9%, in revenues.
'Buy' ratings pour in for Bank of America
With a 21.74% dividend payout ratio, it is easy to see why Bank of America is a smart addition to the portfolio for investors. The Bank has also received good ratings from many analysts backed by a number of 'Buy' recommendations. Rafferty Capital Markets and Morgan Stanley have both given 'Buy' recommendations albeit with slightly different target prices. The Jefferies Group has also followed suit with an impressive $24 price objective on the stock, highlighting that the stock is being considered a very sound one by market experts.