Teacher Retirement System of Texas increased its position in Bank of America Co. (NYSE:BAC - Free Report) by 10.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,615,204 shares of the financial services provider's stock after purchasing an additional 248,538 shares during the quarter. Teacher Retirement System of Texas' holdings in Bank of America were worth $114,938,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Collier Financial purchased a new position in shares of Bank of America during the fourth quarter valued at $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in shares of Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock worth $39,000 after purchasing an additional 361 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Stock Performance
NYSE:BAC traded down $0.01 during midday trading on Friday, hitting $42.47. The company's stock had a trading volume of 65,002,977 shares, compared to its average volume of 35,916,358. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $322.88 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.21 and a beta of 1.32. The firm's 50 day moving average is $44.81 and its 200-day moving average is $43.79.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. Bank of America's dividend payout ratio (DPR) is presently 32.30%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on BAC shares. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Piper Sandler cut their target price on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research note on Friday, January 17th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.64.
Check Out Our Latest Research Report on Bank of America
About Bank of America
(
Free Report)
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.
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