Rollins Financial Advisors LLC Has $25.05 Million Stake in Bank of America Corporation $BAC

Rollins Financial Advisors LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 7.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 455,474 shares of the financial services provider’s stock after selling 37,839 shares during the period. Bank of America comprises about 3.7% of Rollins Financial Advisors LLC’s portfolio, making the stock its 7th largest holding. Rollins Financial Advisors LLC’s holdings in Bank of America were worth $25,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Bank of America by 50.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 754,469 shares of the financial services provider’s stock worth $41,496,000 after buying an additional 254,200 shares during the period. Argos Wealth Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth about $407,000. Shade Tree Advisors LLC acquired a new stake in Bank of America in the 4th quarter worth about $229,000. Meridian Wealth Management LLC raised its stake in Bank of America by 11.1% in the 4th quarter. Meridian Wealth Management LLC now owns 64,761 shares of the financial services provider’s stock worth $3,562,000 after purchasing an additional 6,453 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its stake in Bank of America by 0.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 164,271 shares of the financial services provider’s stock worth $9,035,000 after purchasing an additional 936 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.5%

NYSE:BAC opened at $50.80 on Wednesday. The firm’s fifty day moving average is $50.42 and its 200-day moving average is $52.49. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55. The firm has a market cap of $360.54 billion, a P/E ratio of 12.58, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is currently 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 sale, the insider directly owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.

Key Stories Impacting 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

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. Robert W. Baird lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America 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.