Rollins Financial Advisors LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 455,474 shares of the financial services provider’s stock after selling 37,839 shares during the period. Bank of America accounts for about 3.7% of Rollins Financial Advisors LLC’s portfolio, making the stock its 7th largest position. Rollins Financial Advisors LLC’s holdings in Bank of America were worth $25,051,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter worth $27,000. Collier Financial acquired a new position in Bank of America during the third quarter worth $30,000. Joseph Group Capital Management acquired a new position in Bank of America during the fourth quarter worth $32,000. Finally, Mountain Hill Investment Partners Corp. acquired a new position in Bank of America during the third quarter worth $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Analyst Ratings Changes
Several research firms have weighed in on BAC. Truist Financial upped their price objective on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Evercore upped their price objective on shares of Bank of America from $55.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.
Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America was identified as one of the leaders in first-quarter bank stock repurchases, with a 1.9% reduction in shares outstanding, highlighting strong capital returns and supporting EPS growth. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
- Positive Sentiment: A new report says Bank of America’s Bay Area franchise is seeing strong growth even as new competitors enter the market, suggesting the bank continues to expand in an important region. Bank of America chalks up strong Bay Area growth even as new rivals pounce
- Positive Sentiment: Earlier commentary noted Bank of America analysts have been constructive on several financial and fintech names after earnings, which can reinforce sentiment around BAC’s own research franchise and trading/markets influence. Bank of America reboots Affirm stock price target after earnings
- Neutral Sentiment: Bank of America Securities’ India unit settled an insider-trading-related case with SEBI, resolving a regulatory issue but likely not a major near-term driver for the parent company’s stock. BofA Securities settles insider trading case with Sebi
Bank of America Stock Performance
NYSE BAC opened at $50.80 on Wednesday. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $360.54 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.86 and a beta of 1.21. The company has a fifty day moving average price of $50.42 and a 200-day moving average price of $52.49.
Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is presently 27.72%.
Insider Activity
In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is owned by insiders.
Bank of America Company Profile
Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.
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