Bank of America Corporation $BAC Shares Purchased by Rollins Financial Advisors LLC

Rollins Financial Advisors LLC lifted its stake in Bank of America Corporation (NYSE:BAC) by 6.2% in the 1st quarter, Holdings Channel reports. The firm owned 558,228 shares of the financial services provider’s stock after purchasing an additional 32,755 shares during the quarter. Bank of America accounts for approximately 4.1% of Rollins Financial Advisors LLC’s portfolio, making the stock its 7th biggest position. Rollins Financial Advisors LLC’s holdings in Bank of America were worth $23,295,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Mattson Financial Services LLC lifted its stake in shares of Bank of America by 5.7% in the first quarter. Mattson Financial Services LLC now owns 63,967 shares of the financial services provider’s stock valued at $2,669,000 after purchasing an additional 3,426 shares during the period. MBL Wealth LLC lifted its stake in shares of Bank of America by 39.6% in the first quarter. MBL Wealth LLC now owns 23,342 shares of the financial services provider’s stock valued at $974,000 after purchasing an additional 6,616 shares during the period. Acadian Asset Management LLC raised its position in Bank of America by 108.8% during the first quarter. Acadian Asset Management LLC now owns 3,240,132 shares of the financial services provider’s stock worth $135,196,000 after acquiring an additional 1,688,523 shares during the last quarter. Fortis Capital Advisors LLC acquired a new position in Bank of America during the first quarter worth about $384,000. Finally, Belpointe Asset Management LLC raised its position in Bank of America by 6.3% during the first quarter. Belpointe Asset Management LLC now owns 50,293 shares of the financial services provider’s stock worth $2,099,000 after acquiring an additional 2,969 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Robert W. Baird restated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, June 30th. Citigroup lifted their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Finally, Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.39.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.17 on Thursday. The company has a market cap of $371.57 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 1.95 and a beta of 1.34. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $50.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a 50-day simple moving average of $48.06 and a 200-day simple moving average of $44.19.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s payout ratio is presently 32.75%.

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.