Clarity Wealth Advisors LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,049 shares of the financial services provider’s stock, valued at approximately $234,000.
Several other hedge funds also recently modified their holdings of the company. Regal Wealth Group Inc. lifted its position in shares of Bank of America by 7.7% during the first quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 253 shares during the last quarter. Family Legacy Inc. lifted its position in shares of Bank of America by 1.2% during the first quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 264 shares during the last quarter. IMS Capital Management raised its stake in Bank of America by 1.6% during the first quarter. IMS Capital Management now owns 17,274 shares of the financial services provider’s stock worth $668,000 after acquiring an additional 277 shares during the period. PDS Planning Inc raised its stake in Bank of America by 2.7% during the first quarter. PDS Planning Inc now owns 10,744 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 285 shares during the period. Finally, Signature Estate & Investment Advisors LLC raised its stake in Bank of America by 3.7% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 312 shares during the period. 68.10% of the stock is currently owned by institutional investors and hedge funds.
Bank of America stock traded down $0.34 during midday trading on Tuesday, reaching $40.22. The stock had a trading volume of 787,111 shares, compared to its average volume of 54,064,039. Bank of America Co. has a twelve month low of $20.10 and a twelve month high of $41.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $346.99 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 2.13 and a beta of 1.59. The firm’s fifty day simple moving average is $39.07 and its two-hundred day simple moving average is $32.43.
Bank of America (NYSE:BAC) last released its earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.21. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.67 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 1.84 EPS for the current fiscal year.
Bank of America announced that its board has initiated a share repurchase program on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.79%. Bank of America’s payout ratio is 24.49%.
Several research firms recently weighed in on BAC. Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $37.00 in a research note on Monday, January 11th. Piper Sandler increased their price objective on shares of Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Monday, January 11th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $36.00 in a research note on Tuesday, January 5th. Finally, UBS Group set a $30.00 price target on shares of Bank of America and gave the company a “neutral” rating in a research note on Tuesday, January 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $38.26.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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