RMR Wealth Builders Has $1.09 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

RMR Wealth Builders reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 55.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,679 shares of the financial services provider’s stock after selling 30,751 shares during the quarter. RMR Wealth Builders’ holdings in Bank of America were worth $1,085,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new position in Bank of America in the second quarter valued at about $27,000. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC grew its holdings 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 purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc boosted its position in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC traded down $1.07 during mid-day trading on Friday, reaching $45.14. 40,681,599 shares of the stock traded hands, compared to its average volume of 33,333,559. The company has a market cap of $346.35 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The firm has a fifty day moving average price of $45.46 and a 200 day moving average price of $42.15. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. Bank of America’s payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BAC shares. Piper Sandler boosted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial began coverage on shares of Bank of America in a research report on Tuesday. They set a “buy” rating and a $52.00 target price for the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Bank of America Company 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.