Bank of America Corporation $BAC Shares Acquired by Clearstead Advisors LLC

Clearstead Advisors LLC boosted its stake in Bank of America Corporation (NYSE:BAC) by 8.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 148,566 shares of the financial services provider’s stock after acquiring an additional 11,654 shares during the period. Clearstead Advisors LLC’s holdings in Bank of America were worth $7,665,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Permanent Capital Management LP acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $649,000. Meridian Wealth Management LLC raised its position in Bank of America by 54.6% in the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock worth $3,008,000 after acquiring an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. raised its position in Bank of America by 15.9% in the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock worth $32,482,000 after acquiring an additional 86,290 shares in the last quarter. World Equity Group Inc. lifted its holdings in Bank of America by 21.8% in the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after acquiring an additional 13,119 shares during the period. Finally, AdvisorShares Investments LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth $482,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Price Performance

BAC stock opened at $51.04 on Tuesday. The stock’s 50 day moving average price is $54.21 and its 200 day moving average price is $52.36. The firm has a market cap of $372.70 billion, a P/E ratio of 13.33, a PEG ratio of 1.30 and a beta of 1.29. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same quarter last year, the business posted $0.82 earnings per share. Bank of America’s revenue was up 12.3% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is presently 29.24%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. CICC Research started coverage on shares of Bank of America in a report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price target for the company. Evercore set a $59.00 target price on shares of Bank of America in a report on Thursday, January 15th. Piper Sandler lifted their price target on shares of Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. Morgan Stanley decreased their price target on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.