University of Texas Texas AM Investment Management Co. Reduces Stock Holdings in Bank of America Corporation $BAC

University of Texas Texas AM Investment Management Co. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 48.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,859 shares of the financial services provider’s stock after selling 87,366 shares during the quarter. Bank of America makes up about 0.7% of University of Texas Texas AM Investment Management Co.’s holdings, making the stock its 20th biggest holding. University of Texas Texas AM Investment Management Co.’s holdings in Bank of America were worth $5,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Innovative Wealth Building LLC lifted its holdings in Bank of America by 5.6% in the fourth quarter. Innovative Wealth Building LLC now owns 4,749 shares of the financial services provider’s stock worth $261,000 after buying an additional 251 shares during the period. Oarsman Capital Inc. grew its holdings in shares of Bank of America by 13.7% during the 4th quarter. Oarsman Capital Inc. now owns 42,267 shares of the financial services provider’s stock worth $2,325,000 after acquiring an additional 5,082 shares during the period. OMERS ADMINISTRATION Corp raised its position in shares of Bank of America by 15.4% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 4,857,120 shares of the financial services provider’s stock worth $267,142,000 after acquiring an additional 648,932 shares in the last quarter. Sculptor Capital LP raised its position in shares of Bank of America by 64.0% in the 4th quarter. Sculptor Capital LP now owns 2,132,655 shares of the financial services provider’s stock worth $117,296,000 after acquiring an additional 832,000 shares in the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Bank of America by 5.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 17,700 shares of the financial services provider’s stock valued at $974,000 after purchasing an additional 850 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Finally, The Goldman Sachs Group increased their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Performance

Bank of America stock opened at $55.89 on Tuesday. Bank of America Corporation has a twelve month low of $44.06 and a twelve month high of $57.55. 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 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 stock’s 50 day moving average is $52.42 and its 200 day moving average is $52.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 4.45 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. Stockholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.

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.