Teacher Retirement System of Texas increased its position in shares of Bank of America Corp (NYSE:BAC) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,806,200 shares of the financial services provider’s stock after buying an additional 128,510 shares during the period. Bank of America accounts for approximately 1.1% of Teacher Retirement System of Texas’ investment portfolio, making the stock its 10th biggest position. Teacher Retirement System of Texas’ holdings in Bank of America were worth $172,469,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Trust Co boosted its position in Bank of America by 7.4% during the first quarter. Trust Co now owns 152,988 shares of the financial services provider’s stock worth $3,609,000 after purchasing an additional 10,485 shares during the period. Burns J W & Co. Inc. NY boosted its position in Bank of America by 6.2% during the second quarter. Burns J W & Co. Inc. NY now owns 38,299 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 2,251 shares during the period. Beacon Financial Group boosted its position in Bank of America by 17.6% during the second quarter. Beacon Financial Group now owns 15,799 shares of the financial services provider’s stock worth $384,000 after purchasing an additional 2,369 shares during the period. Neville Rodie & Shaw Inc. boosted its position in Bank of America by 21.2% during the second quarter. Neville Rodie & Shaw Inc. now owns 51,735 shares of the financial services provider’s stock worth $1,255,000 after purchasing an additional 9,052 shares during the period. Finally, First Command Bank boosted its position in Bank of America by 99.8% during the second quarter. First Command Bank now owns 30,620 shares of the financial services provider’s stock worth $742,000 after purchasing an additional 15,296 shares during the period. Institutional investors and hedge funds own 68.43% of the company’s stock.

Shares of Bank of America Corp (BAC) opened at $31.19 on Friday. The stock has a market cap of $325,330.00, a PE ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. Bank of America Corp has a 52-week low of $22.01 and a 52-week high of $31.20. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 earnings per share. sell-side analysts forecast that Bank of America Corp will post 1.79 EPS for the current year.

Bank of America announced that its board has authorized a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. Bank of America’s payout ratio is presently 27.91%.

BAC has been the subject of a number of research analyst reports. Instinet reduced their price objective on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Nomura lifted their price objective on shares of Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, October 16th. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research report on Monday, October 16th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Finally, BidaskClub cut shares of Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $29.14.

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About Bank of America

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

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