Cliftonlarsonallen Wealth Advisors LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Cliftonlarsonallen Wealth Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 32,022 shares of the financial services provider’s stock after buying an additional 1,283 shares during the period. Cliftonlarsonallen Wealth Advisors LLC’s holdings in Bank of America were worth $1,271,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the period. Legal & General Group Plc grew its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares during the period. Capital World Investors raised its stake in Bank of America by 0.4% during the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the period. Pzena Investment Management LLC boosted its holdings in shares of Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after purchasing an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after buying an additional 3,109,197 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Oppenheimer lifted their target price on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.27.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,921,082 shares of company stock worth $6,582,343,525 over the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of BAC stock opened at $41.91 on Tuesday. The firm has a fifty day moving average of $39.51 and a two-hundred day moving average of $39.30. The firm has a market cap of $327.75 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.