Teacher Retirement System of Texas Increases Stock Position in Bank of America Co. (NYSE:BAC)

Teacher Retirement System of Texas increased its holdings in Bank of America Co. (NYSE:BAC) by 13.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,936,309 shares of the financial services provider’s stock after acquiring an additional 339,998 shares during the quarter. Bank of America accounts for 0.6% of Teacher Retirement System of Texas’ portfolio, making the stock its 21st largest position. Teacher Retirement System of Texas’ holdings in Bank of America were worth $121,035,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Foresight Wealth Management LLC boosted its holdings in shares of Bank of America by 1.1% in the fourth quarter. Foresight Wealth Management LLC now owns 19,251 shares of the financial services provider’s stock worth $856,000 after buying an additional 209 shares during the last quarter. Ranch Capital Advisors Inc. boosted its holdings in shares of Bank of America by 1.5% in the fourth quarter. Ranch Capital Advisors Inc. now owns 14,331 shares of the financial services provider’s stock worth $638,000 after buying an additional 210 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc. boosted its holdings in shares of Bank of America by 2.7% in the fourth quarter. Texas Capital Bank Wealth Management Services Inc. now owns 8,447 shares of the financial services provider’s stock worth $376,000 after buying an additional 226 shares during the last quarter. 180 Wealth Advisors LLC boosted its holdings in shares of Bank of America by 1.4% in the first quarter. 180 Wealth Advisors LLC now owns 18,348 shares of the financial services provider’s stock worth $726,000 after buying an additional 260 shares during the last quarter. Finally, Copperwynd Financial LLC boosted its holdings in shares of Bank of America by 1.7% in the fourth quarter. Copperwynd Financial LLC now owns 15,473 shares of the financial services provider’s stock worth $688,000 after buying an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 70.46% of the company’s stock.

Bank of America Trading Up 1.7 %

BAC stock opened at $33.96 on Friday. The firm has a fifty day moving average price of $33.10 and a 200 day moving average price of $38.49. Bank of America Co. has a fifty-two week low of $29.67 and a fifty-two week high of $50.11. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $272.88 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 1.47 and a beta of 1.39.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. During the same period last year, the business posted $1.03 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, September 1st. Bank of America’s payout ratio is presently 26.25%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Credit Suisse Group decreased their target price on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 19th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 target price on the stock in a research note on Monday, July 11th. Citigroup decreased their target price on shares of Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Finally, The Goldman Sachs Group decreased their target price on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, April 20th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.66.

Bank of America Company Profile

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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