Frank Rimerman Advisors LLC Grows Position in Bank of America Co. (NYSE:BAC)

Frank Rimerman Advisors LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 65,143 shares of the financial services provider’s stock after buying an additional 2,465 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Bank of America were worth $2,863,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BAC. Collier Financial purchased a new stake in Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc lifted its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Fairway Wealth LLC purchased a new stake in Bank of America in the fourth quarter worth $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC lifted its stake in Bank of America by 68.2% in the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 361 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.3 %

Bank of America stock opened at $40.97 on Friday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The stock has a fifty day moving average of $45.19 and a 200 day moving average of $43.71. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $311.45 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.64.

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.