Rainey & Randall Wealth Advisors Inc. Invests $296,000 in Bank of America Corporation (NYSE:BAC)

Rainey & Randall Wealth Advisors Inc. bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,093 shares of the financial services provider’s stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Graney & King LLC bought a new stake in Bank of America in the 4th quarter worth about $25,000. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the 4th quarter worth about $31,000. Spurstone Advisory Services LLC bought a new stake in Bank of America in the 4th quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 276 shares during the period. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. TD Cowen began 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. Finally, Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.71 on Friday. The firm has a market cap of $351.81 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company’s fifty day simple moving average is $44.99 and its two-hundred day simple moving average is $43.56.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.