TIAA Trust National Association Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

TIAA Trust National Association lifted its position in Bank of America Co. (NYSE:BAC) by 0.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 765,575 shares of the financial services provider’s stock after buying an additional 1,959 shares during the quarter. TIAA Trust National Association’s holdings in Bank of America were worth $33,647,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Amundi increased its stake in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Two Sigma Advisers LP increased its stake in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. Swedbank AB boosted its position in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after buying an additional 5,733,810 shares during the period. KBC Group NV grew its stake in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on BAC shares. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Up 1.5 %

BAC opened at $43.09 on Tuesday. The business has a 50 day moving average price of $44.77 and a two-hundred day moving average price of $43.83. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company has a market cap of $327.57 billion, a PE ratio of 13.38, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. Bank of America’s revenue was up 15.0% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 32.30%.

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.