TIAA Trust National Association Grows Stock Position in Bank of America Corporation $BAC

TIAA Trust National Association boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 13.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 797,974 shares of the financial services provider’s stock after acquiring an additional 91,947 shares during the quarter. TIAA Trust National Association’s holdings in Bank of America were worth $37,760,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Boston Common Asset Management LLC raised its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new stake in Bank of America in the 2nd quarter valued at $217,000. Nicholas Hoffman & Company LLC. increased its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC raised its position in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC purchased a new position in Bank of America during the second quarter valued at $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $53.55 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.64. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $396.63 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The business has a 50 day simple moving average of $51.03 and a 200-day simple moving average of $47.02.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Evercore ISI boosted their price objective on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Finally, Wolfe Research boosted their price target on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.59.

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.