Clifford Swan Investment Counsel LLC Buys 1,596 Shares of Bank of America Corporation $BAC

Clifford Swan Investment Counsel LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.2% during the second quarter, Holdings Channel.com reports. The firm owned 50,781 shares of the financial services provider’s stock after buying an additional 1,596 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Bank of America were worth $2,403,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Deutsche Bank AG raised its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its stake in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in shares of Bank of America during the second quarter worth $164,623,000. Maverick Capital Ltd. bought a new stake in shares of Bank of America during the first quarter worth $152,098,000. Finally, AMF Tjanstepension AB lifted its stake in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.9%

NYSE BAC opened at $51.05 on Thursday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. 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 stock has a 50 day moving average of $50.38 and a 200-day moving average of $46.08. The company has a market cap of $378.09 billion, a PE ratio of 13.91, a PEG ratio of 1.95 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share 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 reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on BAC. Phillip Securities lifted their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Evercore ISI increased their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $57.23.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

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.