Texas Permanent School Fund Corp Decreases Stake in Bank of America Corporation $BAC

by · The Cerbat Gem

Texas Permanent School Fund Corp trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC – Free Report) by 32.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,015 shares of the financial services provider’s stock after selling 233,900 shares during the period. Texas Permanent School Fund Corp’s holdings in Bank of America were worth $22,904,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares in the last quarter. Nova Wealth Management Inc. boosted 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 buying an additional 227 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC grew its stake 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 valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Wealth Preservation Advisors LLC raised its holdings in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after buying an additional 223 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on BAC shares. Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Argus boosted their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada boosted their price target on Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.86.

View Our Latest Analysis on BAC

Bank of America Price Performance

Shares of NYSE:BAC opened at $55.14 on Monday. The firm’s 50 day moving average is $52.39 and its two-hundred day moving average is $49.53. The firm has a market capitalization of $402.66 billion, a P/E ratio of 15.02 and a beta of 1.30. 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 52 week low of $33.06 and a 52 week high of $55.30.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company posted $0.81 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Company Profile

(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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