Bank of America Corporation $BAC Stock Holdings Lifted by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 3.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 50,781 shares of the financial services provider’s stock after buying an additional 1,596 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Bank of America were worth $2,403,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BAC. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC grew its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC acquired a new position in Bank of America in the 2nd quarter worth about $33,000. Finally, Cloud Capital Management LLC purchased a new stake in shares of Bank of America during the 1st quarter worth about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $51.05 on Thursday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business’s fifty day moving average price is $50.38 and its two-hundred day moving average price is $46.08. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a market capitalization of $378.09 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. Seaport Global Securities boosted their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a research report on Wednesday, October 8th. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group boosted their price target on Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.23.

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.