Clear Investment Research LLC Reduces Position in Bank of America Corporation $BAC

Clear Investment Research LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 17,215 shares of the financial services provider’s stock after selling 229 shares during the quarter. Bank of America comprises approximately 1.0% of Clear Investment Research LLC’s portfolio, making the stock its 24th largest holding. Clear Investment Research LLC’s holdings in Bank of America were worth $815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Creekmur Asset Management LLC boosted its position in shares of Bank of America by 136.6% during the second quarter. Creekmur Asset Management LLC now owns 34,726 shares of the financial services provider’s stock valued at $1,643,000 after buying an additional 20,052 shares during the last quarter. Simon Quick Advisors LLC boosted its position in shares of Bank of America by 39.9% during the second quarter. Simon Quick Advisors LLC now owns 622,799 shares of the financial services provider’s stock valued at $29,471,000 after buying an additional 177,642 shares during the last quarter. Ledyard National Bank boosted its position in shares of Bank of America by 2.1% during the second quarter. Ledyard National Bank now owns 11,185 shares of the financial services provider’s stock valued at $529,000 after buying an additional 233 shares during the last quarter. Hutchinson Capital Management CA boosted its position in shares of Bank of America by 6.4% during the second quarter. Hutchinson Capital Management CA now owns 557,341 shares of the financial services provider’s stock valued at $26,373,000 after buying an additional 33,645 shares during the last quarter. Finally, Coign Capital Advisors LLC boosted its position in shares of Bank of America by 2.1% during the second quarter. Coign Capital Advisors LLC now owns 14,819 shares of the financial services provider’s stock valued at $701,000 after buying an additional 305 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.8%

NYSE BAC opened at $52.98 on Friday. The stock’s 50-day moving average price is $50.95 and its 200-day moving average price is $46.84. 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 Corporation has a 52 week low of $33.06 and a 52 week high of $53.44. The company has a market capitalization of $392.40 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

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 paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price objective (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Oppenheimer raised their target price on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. TD Cowen raised their target price on Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Dbs Bank raised Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Finally, The Goldman Sachs Group dropped their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday. Twenty-three 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 a consensus target price of $57.45.

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.