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

Key Points

• The New York State Teachers Retirement System reduced its holdings in Bank of America by 0.2%, owning 5,420,790 shares, which constitutes 0.5% of its total holdings.
• Bank of America reported earnings per share of $1.06 for the recent quarter, exceeding analyst estimates of $0.93, with a revenue of $28.09 billion.
• The company approved a $40 billion share repurchase plan, indicating management's belief that the stock is undervalued.

New York State Teachers Retirement System reduced its holdings in Bank of America Corporation (NYSE:BAC) by 0.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,420,790 shares of the financial services provider's stock after selling 8,350 shares during the period. Bank of America comprises 0.5% of New York State Teachers Retirement System's holdings, making the stock its 24th largest position. New York State Teachers Retirement System owned about 0.07% of Bank of America worth $256,512,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Boston Common Asset Management LLC grew its holdings in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock valued at $12,288,000 after purchasing an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its holdings in Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 439 shares during the period. CCG Wealth Management LLC acquired a new stake in Bank of America in the second quarter valued at approximately $287,000. Finally, Community Financial Services Group LLC grew its holdings in Bank of America by 3.5% in the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock valued at $8,000,000 after purchasing an additional 5,787 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Bank of America Stock Performance

NYSE BAC opened at $52.26 on Thursday. The stock's fifty day moving average is $49.89 and its two-hundred day moving average is $45.67. The firm has a market capitalization of $387.06 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The firm's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, September 5th. Bank of America's dividend payout ratio (DPR) is presently 32.75%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAC. The Goldman Sachs Group lifted their price target on Bank of America from $56.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Royal Bank Of Canada lifted their price target on Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. TD Cowen lifted their price target on Bank of America from $54.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Finally, Phillip Securities lowered Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued 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 $54.64.

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.

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