Teachers Retirement System of The State of Kentucky Has $58.33 Million Holdings in Bank of America Corporation (NYSE:BAC)

Teachers Retirement System of The State of Kentucky lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,397,847 shares of the financial services provider's stock after acquiring an additional 20,070 shares during the quarter. 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 largest 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 reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Graney & King LLC bought a new position in shares of Bank of America in the 4th quarter valued at $25,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Argus lowered their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. JPMorgan Chase & Co. dropped their price target 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, Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. 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 given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Stock Performance

NYSE BAC traded up $0.35 during trading on Wednesday, reaching $48.12. The company's stock had a trading volume of 13,509,892 shares, compared to its average volume of 40,331,915. 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 firm has a market cap of $362.40 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.85 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The business's fifty day moving average price is $45.53 and its 200-day moving average price is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $0.83 earnings per share. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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.