Bank of America Co. (NYSE:BAC) Position Increased by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC grew its position in Bank of America Co. (NYSE:BAC) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,188 shares of the financial services provider’s stock after purchasing an additional 1,447 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Bank of America were worth $2,076,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. POM Investment Strategies LLC increased its position in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Livelsberger Financial Advisory bought a new position in shares of Bank of America in the 4th quarter valued at approximately $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the first quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold 112,670,620 shares of company stock worth $4,651,681,930 in the last ninety days. 0.29% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BAC shares. Evercore ISI boosted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Performance

Shares of BAC stock opened at $39.47 on Tuesday. The firm has a market cap of $306.27 billion, a PE ratio of 13.66, a P/E/G ratio of 1.39 and a beta of 1.33. The company’s fifty day simple moving average is $40.29 and its 200-day simple moving average is $38.60. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results 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 net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the firm earned $0.88 EPS. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.63%. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America 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.