University of Texas Texas AM Investment Management Co. Sells 87,366 Shares of Bank of America Corporation $BAC

University of Texas Texas AM Investment Management Co. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 48.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 91,859 shares of the financial services provider’s stock after selling 87,366 shares during the period. Bank of America makes up about 0.7% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 20th largest holding. University of Texas Texas AM Investment Management Co.’s holdings in Bank of America were worth $5,052,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at $4,774,210,000. Capital International Investors bought a new stake in Bank of America in the 4th quarter worth about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. raised its position in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its stake in Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Robert W. Baird raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Finally, HSBC boosted their target price on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Price Performance

NYSE BAC opened at $55.89 on Tuesday. Bank of America Corporation has a 52 week low of $44.06 and a 52 week high of $57.55. The firm has a market capitalization of $396.62 billion, a P/E ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $52.42 and a 200-day moving average price of $52.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is owned by corporate insiders.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.