Clarity Capital Partners LLC Grows Position in Bank of America Co. (NYSE:BAC)

Clarity Capital Partners LLC increased its position in Bank of America Co. (NYSE:BAC) by 16.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,695 shares of the financial services provider’s stock after purchasing an additional 1,209 shares during the period. Clarity Capital Partners LLC’s holdings in Bank of America were worth $382,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA boosted its position in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares in the last quarter. Marino Stram & Associates LLC boosted its position in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares in the last quarter. Keudell Morrison Wealth Management grew its stake in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Traveka Wealth LLC raised its holdings in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC lifted its position in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BAC. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 1.2 %

Shares of BAC stock opened at $46.21 on Thursday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The stock has a market cap of $354.56 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.29 and a beta of 1.33. The stock has a 50 day moving average of $45.77 and a 200 day moving average of $43.00. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $0.70 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.

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.