Clifford Swan Investment Counsel LLC Buys 4,685 Shares of Bank of America Co. (NYSE:BAC)

Clifford Swan Investment Counsel LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 9.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,848 shares of the financial services provider’s stock after buying an additional 4,685 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Bank of America were worth $1,746,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Schechter Investment Advisors LLC boosted its position in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Auxano Advisors LLC increased its position in shares of Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares during the last quarter. Stonebridge Capital Advisors LLC increased its position in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Bank of America during the fourth quarter worth approximately $105,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.2 %

Shares of NYSE BAC traded up $0.44 during trading on Monday, hitting $37.69. 28,395,861 shares of the company traded hands, compared to its average volume of 40,729,758. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The firm has a market capitalization of $294.75 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.66 and a beta of 1.37. The business’s fifty day moving average is $36.46 and its 200 day moving average is $33.16. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAC shares. Oppenheimer boosted their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.70.

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.