Bank of America Corporation $BAC Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,437,623 shares of the financial services provider's stock after selling 455,585 shares during the period. Bank of America accounts for about 0.5% of California State Teachers Retirement System's investment portfolio, making the stock its 24th largest position. California State Teachers Retirement System owned about 0.15% of Bank of America worth $508,834,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Norges Bank purchased a new stake in Bank of America in the fourth quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp increased its holdings in shares of Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after buying an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC increased its stake in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock opened at $62.61 on Wednesday. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $62.99. The company has a market cap of $444.32 billion, a P/E ratio of 14.36, a PEG ratio of 1.00 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The business has a 50 day moving average of $56.89 and a two-hundred day moving average of $53.41.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's dividend payout ratio is presently 25.69%.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.27% of the company's stock.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Strong Q2 performance supports the shares. Bank of America reported second-quarter EPS of $1.21, exceeding the $1.13 consensus estimate, with EPS up 34.4% year over year. Record net interest income, strong trading activity and investment-banking results highlighted the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: AI could improve profitability. Morgan Stanley strategists identified BAC as one of the U.S. companies most likely to achieve meaningful net-margin expansion through 2027 as artificial-intelligence investments improve productivity and operating efficiency. Bank of America Could Be One Of Wall Street's Biggest AI Winners
• Positive Sentiment: New Travel Center may deepen customer engagement. BAC launched an expanded travel-booking platform powered by Rocket Travel by Agoda, offering nearly 1 million travel options and allowing customers to combine card rewards with payment cards. The initiative could encourage credit-card usage and strengthen customer loyalty, although its near-term earnings effect is likely limited. New Bank of America Travel Center
• Neutral Sentiment: Peer comparisons reinforce BAC’s diversified-bank positioning. A Q2 industry review and Zacks commentary place Bank of America among the major diversified banks being evaluated on earnings momentum, growth drivers and risks. The coverage is broadly supportive but does not introduce a new company-specific catalyst. Q2 Rundown: Bank of America vs. Other Diversified Banks Stocks
• Negative Sentiment: Fed policy uncertainty may increase volatility. Reports of a possible surprise interest-rate hike have unsettled bond markets ahead of the Federal Reserve decision. Rate expectations can affect BAC’s net interest income, bond portfolio values and broader financial-sector sentiment. Citadel Securities’ Fed Rate Hike Call Adds to Market Angst

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Morgan Stanley upped their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. UBS Group raised their price objective on shares of Bank of America from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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