University of Texas Texas AM Investment Management Co. Has $16.96 Million Position in Bank of America Corporation $BAC

University of Texas Texas AM Investment Management Co. lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 45.9% in the 2nd quarter, Holdings Channel reports. The fund owned 358,404 shares of the financial services provider’s stock after acquiring an additional 112,703 shares during the quarter. Bank of America accounts for approximately 2.7% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 6th biggest position. University of Texas Texas AM Investment Management Co.’s holdings in Bank of America were worth $16,960,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its position in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC bought a new position in Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC grew its position in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new position in Bank of America in the second quarter valued at $33,000. Finally, Cloud Capital Management LLC bought a new position in Bank of America in the first quarter valued at $40,000. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $52.44 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a market cap of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33. The company’s 50-day moving average price is $50.58 and its two-hundred day moving average price is $46.39.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 last year, the firm earned $0.81 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is 30.52%.

Analysts Set New Price Targets

A number of analysts have commented on BAC shares. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research note on Wednesday. Barclays increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

About Bank of America

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.