Bank of America Co. (NYSE:BAC) Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its position in shares of Bank of America Co. (NYSE:BAC) by 10.5% during the 4th quarter, Holdings Channel.com reports. The firm 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 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BAC. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc boosted its stake in shares of 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 purchasing an additional 545,936 shares during the last quarter. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its stake in shares of Bank of America by 68.2% during 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 last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

BAC opened at $42.24 on Thursday. The firm has a market capitalization of $321.10 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.21 and a beta of 1.32. The firm’s 50 day moving average is $44.94 and its 200-day moving average is $43.77. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during 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 revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.64.

About Bank of America

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.