Employees Retirement System of Texas Cuts Stake in Bank of America Corporation $BAC

Employees Retirement System of Texas lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.6% during the fourth quarter, HoldingsChannel reports. The firm owned 2,469,085 shares of the financial services provider’s stock after selling 93,436 shares during the period. Bank of America accounts for 1.1% of Employees Retirement System of Texas’ portfolio, making the stock its 18th largest position. Employees Retirement System of Texas’ holdings in Bank of America were worth $135,800,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of BAC. DecisionMap Wealth Management LLC raised its position in shares of Bank of America by 4.7% during the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 182 shares during the period. Money Concepts Capital Corp grew its position in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners grew its position in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. increased its stake in Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC increased its stake in Bank of America by 4.2% during the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a research report on Thursday, April 16th. Oppenheimer raised their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. reduced 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 note on Tuesday, April 7th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 ‘living will’
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

Insider Buying and Selling

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by company insiders.

Bank of America Trading Up 0.9%

Bank of America stock opened at $52.25 on Wednesday. The company has a market cap of $370.80 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.88 and a beta of 1.21. The firm has a 50-day moving average of $50.86 and a 200-day moving average of $52.36. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a one year low of $43.29 and a one year high of $57.55.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business 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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is 27.72%.

Bank of America Company 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.