Clearstead Trust LLC Has $503,000 Holdings in Bank of America Corporation $BAC

Clearstead Trust LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 27.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,628 shares of the financial services provider’s stock after purchasing an additional 2,304 shares during the period. Clearstead Trust LLC’s holdings in Bank of America were worth $503,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Wealth Advisory Solutions LLC lifted its position in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after buying an additional 214 shares in the last quarter. Ballast Advisors LLC increased its stake in shares of Bank of America by 4.1% in the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 218 shares during the last quarter. Cyndeo Wealth Partners LLC increased its stake in shares of Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC raised its holdings in shares of Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. boosted its position in 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 purchasing an additional 227 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of several research reports. Evercore ISI upped their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Wolfe Research lifted their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. The Goldman Sachs Group cut their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Performance

Shares of NYSE BAC opened at $52.92 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The company has a market cap of $386.45 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.99 and a beta of 1.34. The business’s 50 day moving average is $51.57 and its two-hundred day moving average is $47.90. 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 announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company posted $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Announces Dividend

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

Bank of America Company 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.