Cliftonlarsonallen Wealth Advisors LLC Decreases Stock Holdings in Bank of America Corporation $BAC

Cliftonlarsonallen Wealth Advisors LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 18.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,549 shares of the financial services provider’s stock after selling 7,018 shares during the period. Cliftonlarsonallen Wealth Advisors LLC’s holdings in Bank of America were worth $1,446,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment boosted its position in Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $164,623,000. Maverick Capital Ltd. purchased a new stake in shares of Bank of America during the 1st quarter valued at about $152,098,000. Finally, Azora Capital LP increased its position in shares of Bank of America by 958.9% during the 1st quarter. Azora Capital LP now owns 3,344,363 shares of the financial services provider’s stock valued at $139,560,000 after purchasing an additional 3,028,530 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BAC shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup upped their price objective on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group set a $55.00 price target on Bank of America in a report on Tuesday. Finally, Truist Financial raised their price objective on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.78.

Bank of America Stock Performance

NYSE BAC opened at $50.67 on Thursday. The firm has a market cap of $375.29 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average price of $49.29 and a 200-day moving average price of $45.13. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the company earned $0.83 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities research 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 stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.