Texas Permanent School Fund Corp Grows Stock Position in Bank of America Co. (NYSE:BAC)

Texas Permanent School Fund Corp raised its holdings in Bank of America Co. (NYSE:BAC) by 0.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,422,153 shares of the financial services provider’s stock after buying an additional 1,652 shares during the quarter. Bank of America makes up approximately 0.4% of Texas Permanent School Fund Corp’s holdings, making the stock its 28th largest holding. Texas Permanent School Fund Corp’s holdings in Bank of America were worth $53,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of BAC. DAVENPORT & Co LLC boosted its holdings in shares of Bank of America by 4.9% in the 1st quarter. DAVENPORT & Co LLC now owns 390,384 shares of the financial services provider’s stock valued at $14,803,000 after purchasing an additional 18,379 shares during the last quarter. Richardson Financial Services Inc. increased its stake in Bank of America by 57.9% during the first quarter. Richardson Financial Services Inc. now owns 2,182 shares of the financial services provider’s stock worth $83,000 after acquiring an additional 800 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Bank of America by 3.3% in the 1st quarter. Signaturefd LLC now owns 171,307 shares of the financial services provider’s stock worth $6,496,000 after purchasing an additional 5,427 shares during the period. Clarity Capital Partners LLC lifted its stake in shares of Bank of America by 4.1% in the 1st quarter. Clarity Capital Partners LLC now owns 7,964 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 315 shares in the last quarter. Finally, Carson Advisory Inc. increased its position in Bank of America by 3.8% during the 1st quarter. Carson Advisory Inc. now owns 62,542 shares of the financial services provider’s stock worth $2,372,000 after purchasing an additional 2,309 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC traded up $0.07 on Thursday, reaching $41.81. The company had a trading volume of 33,806,949 shares, compared to its average volume of 38,299,113. The company has a market capitalization of $326.97 billion, a P/E ratio of 14.47, a PEG ratio of 1.55 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average of $39.41 and a 200-day moving average of $36.52. Bank of America Co. has a one year low of $24.96 and a one year high of $41.90.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business earned $0.94 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analysts Set New Price Targets

A number of research analysts have weighed in on BAC shares. BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research report on Tuesday. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a report on Tuesday. Finally, Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.41.

About Bank of America

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.