Rollins Financial Advisors LLC Has $23.30 Million Stake in Bank of America Corporation $BAC

Key Points

• Rollins Financial Advisors LLC increased their stake in Bank of America by 6.2%, owning approximately 558,228 shares valued at $23.3 million, making it their 7th largest holding.
• Bank of America announced a stock buyback plan to repurchase up to $40 billion in shares, indicating management's belief that the stock is undervalued.
• The company has also increased its quarterly dividend to $0.28 per share, up from $0.26, with a dividend yield of 2.2%.

Rollins Financial Advisors LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 558,228 shares of the financial services provider's stock after buying an additional 32,755 shares during the period. Bank of America accounts for about 4.1% of Rollins Financial Advisors LLC's holdings, making the stock its 7th largest holding. Rollins Financial Advisors LLC's holdings in Bank of America were worth $23,295,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Bank of New York Mellon Corp increased its position in Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the period. Deutsche Bank AG boosted its stake in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock worth $1,981,816,000 after acquiring an additional 5,092,504 shares in the last quarter. Amundi raised its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.3%

Shares of Bank of America stock traded down $0.15 during midday trading on Friday, reaching $50.60. 27,849,333 shares of the company's stock traded hands, compared to its average volume of 35,238,896. The company has a market cap of $374.79 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 1.97 and a beta of 1.34. The company's 50 day simple moving average is $48.13 and its 200 day simple moving average is $44.28. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.83 EPS. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a 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 dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently commented on BAC shares. Truist Financial upped their price objective on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and increased their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Robert W. Baird reiterated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Finally, Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.39.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.