Bank of America Corporation $BAC Shares Bought by Clearstead Advisors LLC

Clearstead Advisors LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 148,566 shares of the financial services provider’s stock after purchasing an additional 11,654 shares during the quarter. Clearstead Advisors LLC’s holdings in Bank of America were worth $7,665,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Constant Guidance Financial LLC boosted its stake in Bank of America by 603.4% in the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider’s stock worth $1,253,000 after buying an additional 20,831 shares during the last quarter. Avalon Trust Co lifted its holdings in shares of Bank of America by 69.0% during the 3rd quarter. Avalon Trust Co now owns 10,305 shares of the financial services provider’s stock worth $532,000 after acquiring an additional 4,207 shares during the period. Koshinski Asset Management Inc. lifted its holdings in shares of Bank of America by 5.6% during the 3rd quarter. Koshinski Asset Management Inc. now owns 62,218 shares of the financial services provider’s stock worth $3,210,000 after acquiring an additional 3,282 shares during the period. Channing Capital Management LLC boosted its position in shares of Bank of America by 2.6% in the third quarter. Channing Capital Management LLC now owns 249,898 shares of the financial services provider’s stock worth $12,892,000 after acquiring an additional 6,236 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its holdings in Bank of America by 9.2% in the third quarter. Bleakley Financial Group LLC now owns 189,645 shares of the financial services provider’s stock valued at $9,784,000 after purchasing an additional 15,909 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Wells Fargo & Company increased their target price on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. TD Cowen reduced their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Royal Bank Of Canada raised their price objective on Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $60.30.

Bank of America Trading Down 3.8%

NYSE:BAC opened at $51.04 on Tuesday. The business’s 50-day moving average is $54.21 and its two-hundred day moving average is $52.36. The firm has a market capitalization of $372.70 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.