Teachers Retirement System of The State of Kentucky Increases Stake in Bank of America Corporation (NYSE:BAC)

Teachers Retirement System of The State of Kentucky boosted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,397,847 shares of the financial services provider's stock after buying an additional 20,070 shares during the period. Bank of America makes up about 0.5% of Teachers Retirement System of The State of Kentucky's investment portfolio, making the stock its 24th biggest position. Teachers Retirement System of The State of Kentucky's holdings in Bank of America were worth $58,331,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter worth $25,000. Vega Investment Solutions bought a new position in Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Finally, Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

Bank of America Trading Up 0.9%

BAC stock traded up $0.42 during mid-day trading on Tuesday, reaching $47.90. 22,048,823 shares of the stock traded hands, compared to its average volume of 40,399,185. The stock has a market capitalization of $360.74 billion, a PE ratio of 14.01, a PEG ratio of 1.29 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The business has a 50-day moving average price of $45.53 and a two-hundred day moving average price of $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

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.