Rollins Financial Advisors LLC Boosts Position in Bank of America Co. (NYSE:BAC)

Rollins Financial Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% in the 4th quarter, Holdings Channel reports. The fund owned 525,473 shares of the financial services provider’s stock after buying an additional 12,507 shares during the period. Bank of America comprises 3.6% of Rollins Financial Advisors LLC’s investment portfolio, making the stock its 8th biggest holding. Rollins Financial Advisors LLC’s holdings in Bank of America were worth $23,095,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System raised its holdings in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $34.37 on Monday. The firm has a fifty day simple moving average of $43.74 and a 200 day simple moving average of $43.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $32.70 and a 12 month high of $48.08. The stock has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 EPS. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Analyst Ratings Changes

A number of research analysts recently issued reports on BAC shares. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Citigroup cut their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

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.