Bank of America Co. (NYSE:BAC) Shares Bought by Clearstead Trust LLC

Clearstead Trust LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 1,489.3% in the first quarter, Holdings Channel.com reports. The fund owned 890 shares of the financial services provider’s stock after acquiring an additional 834 shares during the period. Clearstead Trust LLC’s holdings in Bank of America were worth $34,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in Bank of America during the fourth quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after buying an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.11 during midday trading on Friday, reaching $42.90. 43,902,967 shares of the company traded hands, compared to its average volume of 37,118,136. The firm has a market cap of $335.49 billion, a PE ratio of 14.84, a PEG ratio of 1.63 and a beta of 1.35. The stock’s 50-day simple moving average is $40.12 and its 200-day simple moving average is $36.96. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period last year, the business earned $0.88 earnings per share. The business’s revenue was up .7% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.24%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. Oppenheimer upped their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. JPMorgan Chase & Co. increased their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Royal Bank of Canada increased their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.92.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction 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 $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 24,984,363 shares of company stock worth $1,089,448,152. 0.29% of the stock is owned by corporate insiders.

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.