RMR Wealth Builders Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

RMR Wealth Builders reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 55.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,679 shares of the financial services provider’s stock after selling 30,751 shares during the quarter. RMR Wealth Builders’ holdings in Bank of America were worth $1,085,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth about $27,000. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc grew its stake 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 period. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the 3rd quarter worth about $45,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 2.3 %

BAC stock traded down $1.07 during midday trading on Friday, reaching $45.14. The company’s stock had a trading volume of 40,681,599 shares, compared to its average volume of 33,333,559. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The stock has a fifty day simple moving average of $45.46 and a two-hundred day simple moving average of $42.15. The firm has a market capitalization of $346.35 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was up .4% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.30%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BAC shares. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler upped their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.50.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.29% of the company’s stock.

Bank of America Profile

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.