Bank of America Corporation (NYSE:BAC) Holdings Increased by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors LLC increased its stake in Bank of America by 8.6% during the first quarter, owning 70,730 shares valued at approximately $2.95 million.
• Bank of America recently declared a quarterly dividend of $0.28 per share, representing a boost from its previous dividend of $0.26 and indicating a 2.4% dividend yield.
• Insider James P. Demare sold 148,391 shares of Bank of America at an average price of $45.57, decreasing his ownership by almost 40%.

Frank Rimerman Advisors LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,730 shares of the financial services provider's stock after buying an additional 5,587 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Bank of America were worth $2,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Koss Olinger Consulting LLC grew its stake in shares of Bank of America by 7.3% in the 1st quarter. Koss Olinger Consulting LLC now owns 14,343 shares of the financial services provider's stock worth $599,000 after purchasing an additional 980 shares during the last quarter. Lcnb Corp grew its position in Bank of America by 6.0% during the first quarter. Lcnb Corp now owns 9,364 shares of the financial services provider's stock valued at $391,000 after purchasing an additional 532 shares in the last quarter. First Western Trust Bank grew its position in Bank of America by 11.0% during the first quarter. First Western Trust Bank now owns 5,242 shares of the financial services provider's stock valued at $219,000 after purchasing an additional 518 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Bank of America during the first quarter valued at approximately $609,000. Finally, Townsquare Capital LLC grew its position in Bank of America by 4.6% in the first quarter. Townsquare Capital LLC now owns 450,774 shares of the financial services provider's stock worth $18,811,000 after acquiring an additional 19,669 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Finally, Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $50.13.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Bank of America stock opened at $46.03 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. The company has a market cap of $340.94 billion, a PE ratio of 13.46, a PEG ratio of 1.74 and a beta of 1.31. The company's 50-day moving average is $46.43 and its two-hundred day moving average is $43.77.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. 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 is currently 30.41%.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.

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