Clear Investment Research LLC Sells 229 Shares of Bank of America Corporation $BAC

Clear Investment Research LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 1.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 17,215 shares of the financial services provider’s stock after selling 229 shares during the quarter. Bank of America accounts for 1.0% of Clear Investment Research LLC’s portfolio, making the stock its 24th biggest position. Clear Investment Research LLC’s holdings in Bank of America were worth $815,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC increased its stake in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $28,000. CGC Financial Services LLC increased its stake in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $52.98 on Friday. The stock has a market cap of $392.40 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.33. The business’s fifty day moving average is $50.95 and its 200 day moving average is $46.84. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.44. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Morgan Stanley increased their price target on shares of Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price target on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.45.

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.