Texas Permanent School Fund Corp Has $22.90 Million Stock Position in Bank of America Corporation $BAC

Texas Permanent School Fund Corp lessened its holdings in Bank of America Corporation (NYSE:BAC) by 32.6% in the 2nd quarter, Holdings Channel reports. The firm owned 484,015 shares of the financial services provider’s stock after selling 233,900 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Bank of America were worth $22,904,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in shares of Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after acquiring an additional 403,652 shares during the last quarter. Norges Bank bought a new stake in Bank of America during the second quarter worth approximately $5,091,641,000. Fisher Asset Management LLC grew its holdings in Bank of America by 5.2% during the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock valued at $2,432,516,000 after purchasing an additional 2,557,943 shares during the last quarter. Amundi raised its position in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Bank of America by 124.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after buying an additional 9,782,208 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.1%

Shares of BAC opened at $55.14 on Monday. The stock’s 50-day moving average price is $52.39 and its 200 day moving average price is $49.53. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $55.30.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders 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 dividend yield of 2.0%. Bank of America’s dividend payout ratio is currently 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Barclays boosted their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. TD Cowen raised their target price on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Phillip Securities upped their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.