Bank of America Corporation $BAC Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its position in Bank of America Corporation (NYSE:BAC) by 3.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,955,338 shares of the financial services provider’s stock after acquiring an additional 68,023 shares during the period. Teacher Retirement System of Texas’ holdings in Bank of America were worth $92,527,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. raised its position in shares of 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 worth $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC raised its position in shares of 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 worth $29,000 after acquiring an additional 521 shares during the period. Acima Private Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth about $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America during the 1st quarter worth about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Bank of America Stock Up 1.3%

BAC stock opened at $52.44 on Monday. The company has a market cap of $388.38 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.99 and a beta of 1.33. The company has a current ratio of 0.79, a quick 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 50-day moving average of $50.58 and a two-hundred day moving average of $46.45.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS. As a group, analysts forecast 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 stock repurchase plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BAC. Daiwa Capital Markets upped their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada upped their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Piper Sandler upped their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Finally, Morgan Stanley upped their price target on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.23.

Bank of America Company 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.