Bank of America Corp (NYSE:BAC) Shares Sold by Teacher Retirement System of Texas
Teacher Retirement System of Texas trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 13.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,720,012 shares of the financial services provider’s stock after selling 439,782 shares during the period. Bank of America makes up 0.7% of Teacher Retirement System of Texas’ portfolio, making the stock its 19th biggest position. Teacher Retirement System of Texas’ holdings in Bank of America were worth $78,880,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Daily Journal Corp raised its position in shares of Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after purchasing an additional 227,700,000 shares during the period. Norges Bank bought a new position in Bank of America during the fourth quarter worth $2,656,024,000. Sanders Capital LLC increased its position in Bank of America by 3.3% during the second quarter. Sanders Capital LLC now owns 24,858,471 shares of the financial services provider’s stock worth $797,049,000 after acquiring an additional 801,400 shares during the period. Bessemer Group Inc. increased its position in Bank of America by 12.1% during the second quarter. Bessemer Group Inc. now owns 12,413,075 shares of the financial services provider’s stock worth $359,981,000 after acquiring an additional 1,336,502 shares during the period. Finally, International Value Advisers LLC increased its position in Bank of America by 31.9% during the first quarter. International Value Advisers LLC now owns 10,440,488 shares of the financial services provider’s stock worth $288,053,000 after acquiring an additional 2,527,195 shares during the period. 68.50% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Morgan Stanley set a $31.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.75.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 earnings per share. As a group, equities research analysts forecast that Bank of America Corp will post 2.83 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.66%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 22.99%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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