Clarity Wealth Advisors LLC Buys New Holdings in Bank of America Co. (NYSE:BAC)

Clarity Wealth Advisors LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,450 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Livelsberger Financial Advisory bought a new stake in Bank of America in the 4th quarter worth approximately $28,000. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $25,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $32,000. Finally, Mark Sheptoff Financial Planning LLC increased its position in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.52 during mid-day trading on Friday, reaching $39.77. The stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The business’s fifty day moving average is $38.91 and its 200-day moving average is $36.12. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.52 and a beta of 1.36. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The business 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 2.41%. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Wells Fargo & Company boosted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, Piper Sandler boosted their price objective on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $39.79.

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.