Clearstead Advisors LLC Acquires 12,282 Shares of Bank of America Corporation $BAC

Key Points

• Clearstead Advisors LLC increased its Bank of America stake by 8.3% in the fourth quarter, buying 12,282 additional shares and bringing its total holdings to 160,848 shares worth about $8.85 million.
• Bank of America reported strong quarterly results, posting $1.11 EPS versus the $1.00 consensus estimate and revenue of $30.27 billion, while revenue rose 10.7% year over year.
• The company also announced a quarterly dividend of $0.28 per share, implying an annualized payout of $1.12 and a dividend yield of 2.2%; analysts currently rate BAC a consensus “Moderate Buy” with a target price of $61.06.

Clearstead Advisors LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,848 shares of the financial services provider's stock after acquiring an additional 12,282 shares during the period. Clearstead Advisors LLC's holdings in Bank of America were worth $8,847,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter worth about $27,000. Legacy Bridge LLC boosted its stake in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares in the last quarter. Collier Financial bought a new position in shares of Bank of America in the third quarter worth approximately $30,000. Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC lifted its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after buying an additional 532 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America received a consensus “Moderate Buy” rating from brokerages, signaling that analysts remain broadly constructive on BAC despite recent market uncertainty. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Major U.S. banks, including peers of Bank of America, cleared the Fed and FDIC review of their living wills, reducing regulatory overhang and supporting confidence in the banking sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: One commentary piece highlighted Bank of America’s progress as a digital banking leader, but also said the stock still looks pricey/cautious from a valuation perspective, creating a mixed takeaway rather than a clear bullish catalyst. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: Broader market commentary about high bond yields, AI stock concentration, and a possible bubble environment could add some caution for financial stocks, but it is not a direct Bank of America-specific negative. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
• Negative Sentiment: Bank of America’s contrarian market warning about extreme AI-stock concentration suggests the firm is signaling caution on risk appetite, which could weigh on sentiment if investors interpret it as a bearish market call. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars

Bank of America Stock Up 0.0%

Shares of BAC stock opened at $51.81 on Tuesday. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The stock has a market cap of $367.64 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a 50 day simple moving average of $50.75 and a two-hundred day simple moving average of $52.36.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's dividend payout ratio is 27.72%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Argus upped their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, HSBC upped their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is currently owned by company insiders.

About Bank of America

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.

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