Rainey & Randall Wealth Advisors Inc. Purchases New Holdings in Bank of America Corporation (NYSE:BAC)

Rainey & Randall Wealth Advisors Inc. bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,093 shares of the financial services provider's stock, valued at approximately $296,000.

A number of other large investors also recently modified their holdings of the company. TruNorth Capital Management LLC lifted its stake in shares of Bank of America by 35.2% during the 1st quarter. TruNorth Capital Management LLC now owns 1,438 shares of the financial services provider's stock valued at $60,000 after buying an additional 374 shares in the last quarter. Ballentine Partners LLC lifted its stake in shares of Bank of America by 3.4% during the 1st quarter. Ballentine Partners LLC now owns 151,339 shares of the financial services provider's stock valued at $6,315,000 after buying an additional 5,008 shares in the last quarter. Coyle Financial Counsel LLC lifted its stake in shares of Bank of America by 8.0% during the 1st quarter. Coyle Financial Counsel LLC now owns 9,214 shares of the financial services provider's stock valued at $384,000 after buying an additional 683 shares in the last quarter. Fortem Financial Group LLC lifted its stake in shares of Bank of America by 40.0% during the 1st quarter. Fortem Financial Group LLC now owns 24,767 shares of the financial services provider's stock valued at $1,034,000 after buying an additional 7,082 shares in the last quarter. Finally, Beirne Wealth Consulting Services LLC lifted its stake in shares of Bank of America by 10.1% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 10,955 shares of the financial services provider's stock valued at $457,000 after buying an additional 1,008 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. 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 research note on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. Finally, Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.15 during trading hours on Wednesday, reaching $46.00. The company's stock had a trading volume of 61,284,218 shares, compared to its average volume of 40,553,466. The firm has a 50 day moving average price of $45.21 and a 200-day moving average price of $43.58. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market cap of $346.49 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm posted $0.83 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts predict 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. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America's payout ratio is 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.