Bank of America Corporation (NYSE:BAC) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas decreased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 27.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,887,315 shares of the financial services provider's stock after selling 727,889 shares during the quarter. Teacher Retirement System of Texas' holdings in Bank of America were worth $78,758,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Norges Bank purchased a new position in Bank of America during the 4th quarter valued at about $5,226,989,000. Capital World Investors increased its position in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi increased its position in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its position in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Argus cut their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Finally, Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $48.28.

Bank of America Stock Performance

NYSE:BAC traded up $0.23 during trading hours on Friday, hitting $48.94. 21,620,278 shares of the company were exchanged, compared to its average volume of 40,179,873. The stock has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company's 50 day moving average price is $44.28 and its 200-day moving average price is $43.44.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

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.