Total Clarity Wealth Management Inc. Invests $211,000 in Bank of America Corporation $BAC

Total Clarity Wealth Management Inc. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,457 shares of the financial services provider’s stock, valued at approximately $211,000.

Several other institutional investors also recently modified their holdings of BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after purchasing an additional 8,435 shares during the last quarter. Elevation Point Wealth Partners LLC grew its stake in shares of Bank of America by 35.2% in the first quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 1,348 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Bank of America by 64.9% in the first quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 2,179 shares during the last quarter. Finally, Hanson & Doremus Investment Management grew its stake in shares of Bank of America by 108.1% in the first quarter. Hanson & Doremus Investment Management now owns 4,813 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 2,500 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $50.04 on Wednesday. The firm’s 50-day moving average price is $49.76 and its 200-day moving average price is $45.62. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a market capitalization of $370.62 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.89 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating 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 firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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 shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Morgan Stanley boosted their target price on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Truist Financial boosted their target price on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $54.64.

Insider Buying and Selling at Bank of America

In other 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 completion of the sale, the insider directly 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. Corporate insiders own 0.30% of the company’s stock.

Bank of America 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.