Teacher Retirement System of Texas reduced its position in shares of Bank of America Corp (NYSE:BAC) by 28.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,847,687 shares of the financial services provider’s stock after selling 1,958,513 shares during the period. Bank of America comprises 1.0% of Teacher Retirement System of Texas’ portfolio, making the stock its 14th largest position. Teacher Retirement System of Texas’ holdings in Bank of America were worth $143,104,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Burt Wealth Advisors raised its holdings in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 4,294 shares in the last quarter. HWG Holdings LP bought a new stake in Bank of America during the third quarter valued at $116,000. MPS Loria Financial Planners LLC bought a new stake in Bank of America during the second quarter valued at $115,000. Legacy Advisors LLC bought a new stake in Bank of America during the third quarter valued at $115,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America during the third quarter valued at $128,000. 69.83% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on the stock. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price for the company. in a research note on Monday, March 12th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Credit Suisse Group boosted their target price on shares of Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, March 16th. Finally, Royal Bank of Canada boosted their target price on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $30.93.
BAC stock opened at $29.17 on Friday. The company has a market cap of $312,944.75, a PE ratio of 18.82, a PEG ratio of 1.55 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. research analysts expect that Bank of America Corp will post 2.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. Bank of America’s dividend payout ratio is presently 30.97%.
Bank of America declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Bank of America Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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