Ontario Teachers Pension Plan Board Has $194.35 Million Stock Holdings in Bank of America Corporation $BAC

Ontario Teachers Pension Plan Board lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 48.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,107,107 shares of the financial services provider’s stock after selling 3,886,159 shares during the period. Bank of America comprises 3.8% of Ontario Teachers Pension Plan Board’s holdings, making the stock its 5th largest holding. Ontario Teachers Pension Plan Board owned 0.06% of Bank of America worth $194,348,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Boston Common Asset Management LLC lifted its position in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new position in Bank of America in the second quarter valued at about $217,000. Nicholas Hoffman & Company LLC. lifted its position in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter valued at about $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Morgan Stanley increased their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Seaport Global Securities raised their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Truist Financial lifted their price target on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Finally, Robert W. Baird lifted their target price on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Trading Down 0.6%

Shares of BAC stock opened at $52.57 on Friday. The firm has a market capitalization of $383.88 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day simple moving average is $51.63 and its 200 day simple moving average is $48.05.

Bank of America (NYSE:BAC) last posted 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 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 last year, the company earned $0.81 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. 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 (DPR) is 30.52%.

Bank of America declared that its Board of Directors has approved a share repurchase 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 reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.