Clear Creek Financial Management LLC Raises Position in Bank of America Corporation $BAC

Clear Creek Financial Management LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,413 shares of the financial services provider’s stock after purchasing an additional 698 shares during the quarter. Clear Creek Financial Management LLC’s holdings in Bank of America were worth $445,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Hall Capital Management Co. Inc. raised its position in Bank of America by 11.1% in the 2nd quarter. Hall Capital Management Co. Inc. now owns 17,857 shares of the financial services provider’s stock worth $845,000 after purchasing an additional 1,791 shares during the period. Lansing Street Advisors increased its position in shares of Bank of America by 2.8% in the second quarter. Lansing Street Advisors now owns 24,065 shares of the financial services provider’s stock valued at $1,139,000 after acquiring an additional 652 shares during the period. WoodTrust Financial Corp increased its position in shares of Bank of America by 723.1% in the second quarter. WoodTrust Financial Corp now owns 127,802 shares of the financial services provider’s stock valued at $6,048,000 after acquiring an additional 112,275 shares during the period. Winthrop Advisory Group LLC increased its position in shares of Bank of America by 9.3% in the second quarter. Winthrop Advisory Group LLC now owns 33,130 shares of the financial services provider’s stock valued at $1,568,000 after acquiring an additional 2,823 shares during the period. Finally, Abel Hall LLC increased its position in shares of Bank of America by 42.2% in the second quarter. Abel Hall LLC now owns 9,574 shares of the financial services provider’s stock valued at $453,000 after acquiring an additional 2,839 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $48.62 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company’s 50-day moving average is $49.61 and its 200 day moving average is $45.50. The stock has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s payout ratio is presently 32.75%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BAC. Royal Bank Of Canada boosted their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Phillip Securities cut shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Finally, UBS Group boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.64.

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.