Cliftonlarsonallen Wealth Advisors LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Cliftonlarsonallen Wealth Advisors LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 17.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,567 shares of the financial services provider’s stock after acquiring an additional 5,528 shares during the quarter. Cliftonlarsonallen Wealth Advisors LLC’s holdings in Bank of America were worth $1,568,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Dover Advisors LLC increased its position in shares of Bank of America by 39.3% in the 1st quarter. Dover Advisors LLC now owns 13,230 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 3,735 shares during the last quarter. CRA Financial Services LLC raised its holdings in shares of Bank of America by 2.0% in the 1st quarter. CRA Financial Services LLC now owns 44,188 shares of the financial services provider’s stock worth $1,844,000 after purchasing an additional 869 shares in the last quarter. BNC Wealth Management LLC raised its holdings in shares of Bank of America by 50.8% during the first quarter. BNC Wealth Management LLC now owns 11,431 shares of the financial services provider’s stock valued at $477,000 after acquiring an additional 3,850 shares during the period. Goldstone Financial Group LLC raised its holdings in shares of Bank of America by 28.4% during the first quarter. Goldstone Financial Group LLC now owns 24,093 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 5,330 shares during the period. Finally, CVA Family Office LLC increased its stake in Bank of America by 21.1% in the 1st quarter. CVA Family Office LLC now owns 8,932 shares of the financial services provider’s stock valued at $373,000 after buying an additional 1,557 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on BAC shares. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, TD Cowen started coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Trading Down 1.3%

Shares of NYSE:BAC opened at $44.04 on Friday. The business’s 50-day moving average is $41.50 and its 200 day moving average is $43.39. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America’s dividend payout ratio is currently 30.95%.

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.