Teachers Retirement System of The State of Kentucky Sells 39,239 Shares of Bank of America Co. (NYSE:BAC)

Teachers Retirement System of The State of Kentucky trimmed its holdings in Bank of America Co. (NYSE:BAC) by 2.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,425,494 shares of the financial services provider’s stock after selling 39,239 shares during the period. Bank of America accounts for about 0.5% of Teachers Retirement System of The State of Kentucky’s portfolio, making the stock its 27th largest position. Teachers Retirement System of The State of Kentucky’s holdings in Bank of America were worth $56,564,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Fairway Wealth LLC bought a new stake in shares of Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $29,000. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Finally, TruNorth Capital Management LLC raised its stake in Bank of America by 740.7% during the second quarter. TruNorth Capital Management LLC now owns 1,135 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 55,223,897 shares of company stock worth $2,232,505,985. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.3 %

NYSE:BAC opened at $45.77 on Wednesday. The stock has a market capitalization of $351.19 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 52 week low of $30.45 and a 52 week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $43.87 and a 200 day moving average of $41.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.27%. Bank of America’s payout ratio is 37.82%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

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.