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

Frank Rimerman Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 5,121.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 67,624 shares of the financial services provider’s stock after buying an additional 66,329 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Bank of America were worth $2,689,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Parnassus Investments LLC boosted its position in shares of Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares in the last quarter. Capital World Investors grew its stake in Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after buying an additional 165,070 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after buying an additional 5,488,790 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $40.27 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day moving average price of $39.98 and a 200-day moving average price of $38.88. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $314.93 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the company earned $0.88 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.58%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Evercore ISI upped their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,780,724 shares of company stock valued at $5,342,589,705. Company insiders own 0.29% of the company’s stock.

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.