Total Clarity Wealth Management Inc. Sells 2,520 Shares of Bank of America Co. (NYSE:BAC)

Total Clarity Wealth Management Inc. lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,858 shares of the financial services provider’s stock after selling 2,520 shares during the quarter. Total Clarity Wealth Management Inc.’s holdings in Bank of America were worth $472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McAdam LLC increased its holdings in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares in the last quarter. BTC Capital Management Inc. increased its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares during the period. Central Bank & Trust Co. raised its holdings in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its position in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after buying an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC grew its holdings in Bank of America by 0.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $39.10 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50-day moving average is $40.11 and its 200-day moving average is $38.77. The stock has a market capitalization of $305.78 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley raised their target price on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

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.