University of Texas Texas AM Investment Management Co. Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

University of Texas Texas AM Investment Management Co. lessened its holdings in Bank of America Co. (NYSE:BAC) by 11.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 190,976 shares of the financial services provider's stock after selling 24,148 shares during the period. Bank of America comprises 1.0% of University of Texas Texas AM Investment Management Co.'s holdings, making the stock its 11th biggest position. University of Texas Texas AM Investment Management Co.'s holdings in Bank of America were worth $8,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Daymark Wealth Partners LLC increased its holdings in shares of Bank of America by 6.3% in the fourth quarter. Daymark Wealth Partners LLC now owns 59,024 shares of the financial services provider's stock valued at $2,594,000 after purchasing an additional 3,496 shares during the period. Marino Stram & Associates LLC raised its position in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after acquiring an additional 222 shares in the last quarter. Kelleher Financial Advisors boosted its position in Bank of America by 1.7% in the 4th quarter. Kelleher Financial Advisors now owns 35,815 shares of the financial services provider's stock worth $1,574,000 after purchasing an additional 615 shares in the last quarter. Baker Ellis Asset Management LLC increased its holdings in shares of Bank of America by 8.2% during the 4th quarter. Baker Ellis Asset Management LLC now owns 14,505 shares of the financial services provider's stock valued at $637,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Traynor Capital Management Inc. lifted its stake in shares of Bank of America by 16.7% in the 4th quarter. Traynor Capital Management Inc. now owns 21,722 shares of the financial services provider's stock valued at $955,000 after purchasing an additional 3,103 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on BAC shares. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Oppenheimer restated an "outperform" rating on shares of Bank of America in a research report on Thursday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Performance

NYSE BAC opened at $43.27 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock's fifty day moving average is $40.31 and its two-hundred day moving average is $43.60. The firm has a market capitalization of $325.90 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.40%. Bank of America's dividend payout ratio (DPR) is 30.95%.

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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