TIAA Trust National Association Lowers Stock Holdings in Bank of America Corporation (NYSE:BAC)

TIAA Trust National Association cut its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 706,027 shares of the financial services provider's stock after selling 59,548 shares during the quarter. TIAA Trust National Association's holdings in Bank of America were worth $29,463,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $34,000. Glass Jacobson Investment Advisors llc raised its stake in 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 purchasing an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new position in Bank of America in the 4th quarter valued at $38,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, 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 legal filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a 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 $50.13.

Bank of America Trading Down 3.4%

BAC opened at $45.65 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a fifty day simple moving average of $46.27 and a 200-day simple moving average of $43.81. The firm has a market cap of $343.83 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.84 and a beta of 1.31.

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

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Bank of America Company 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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