Clarity Wealth Advisors LLC bought a new position in Bank of America Co. (NYSE:BAC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,049 shares of the financial services provider’s stock, valued at approximately $234,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Kathmere Capital Management LLC bought a new stake in shares of Bank of America during the third quarter worth approximately $31,000. Brinker Capital Investments LLC raised its stake in shares of Bank of America by 94.7% during the third quarter. Brinker Capital Investments LLC now owns 122,401 shares of the financial services provider’s stock worth $2,949,000 after buying an additional 59,535 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Bank of America by 3.9% during the fourth quarter. Private Trust Co. NA now owns 137,051 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 5,127 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services bought a new stake in shares of Bank of America during the fourth quarter worth approximately $364,000. Finally, Woodstock Corp grew its holdings in Bank of America by 4.6% during the fourth quarter. Woodstock Corp now owns 157,664 shares of the financial services provider’s stock valued at $4,779,000 after purchasing an additional 6,951 shares during the period. 68.10% of the stock is owned by institutional investors.
Bank of America stock traded down $0.34 during mid-day trading on Tuesday, hitting $40.22. 787,111 shares of the stock were exchanged, compared to its average volume of 54,064,039. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $20.10 and a 12 month high of $41.13. The firm’s fifty day simple moving average is $39.07 and its two-hundred day simple moving average is $32.43. The stock has a market capitalization 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 also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.79%. The ex-dividend date is Thursday, June 3rd. Bank of America’s payout ratio is currently 24.49%.
Bank of America declared that its board has initiated a share buyback program on Tuesday, January 19th that permits the company to buyback $2.90 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts recently commented on BAC shares. Jefferies Financial Group increased their target price on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Robert W. Baird cut shares of Bank of America from an “outperform” rating to a “neutral” rating and set a $42.00 target price for the company. in a report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price target on the stock in a research report on Monday, April 19th. Daiwa Capital Markets began coverage on shares of Bank of America in a research report on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, April 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Bank of America presently has an average rating of “Buy” and a consensus target price 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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