Bank of America Corporation $BAC Stake Boosted by University of Texas Texas AM Investment Management Co.

University of Texas Texas AM Investment Management Co. grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 45.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358,404 shares of the financial services provider’s stock after acquiring an additional 112,703 shares during the period. Bank of America accounts for 2.7% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 6th biggest holding. University of Texas Texas AM Investment Management Co.’s holdings in Bank of America were worth $16,960,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Wealth Advisory Solutions LLC lifted its stake in shares of Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Cyndeo Wealth Partners LLC increased its holdings in shares of Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after purchasing an additional 221 shares during the period. Centurion Wealth Management LLC increased its holdings in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 225 shares during the period. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Finally, Cape Investment Advisory Inc. increased its stake in Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.3%

Shares of NYSE BAC opened at $52.44 on Friday. The company’s 50 day simple moving average is $50.58 and its 200 day simple moving average is $46.39. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The firm has a market capitalization of $388.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. Wolfe Research upped their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Argus upped their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday. Finally, Phillip Securities upped their target price on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.23.

Bank of America 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.