Bank of America Corporation $BAC Shares Bought by Texas Bank & Trust Co

Texas Bank & Trust Co grew its holdings in Bank of America Corporation (NYSE:BAC) by 115.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,991 shares of the financial services provider’s stock after purchasing an additional 6,434 shares during the period. Texas Bank & Trust Co’s holdings in Bank of America were worth $567,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Quaker Wealth Management LLC lifted its position in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the last quarter. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. RMG Wealth Management LLC acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $28,000. CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Oppenheimer boosted their target price on Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. TD Cowen lifted their price objective on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday. Robert W. Baird raised their target price on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Trading Up 1.0%

BAC opened at $53.55 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.64. The stock has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. 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 business has a fifty day moving average price of $51.03 and a 200 day moving average price of $47.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the company earned $0.81 EPS. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management 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. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

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.