SteelPeak Wealth LLC Has $2.49 Million Stake in Bank of America Corporation $BAC

SteelPeak Wealth LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 52,628 shares of the financial services provider’s stock after selling 7,063 shares during the period. SteelPeak Wealth LLC’s holdings in Bank of America were worth $2,490,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Mraz Amerine & Associates Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $339,000. Heck Capital Advisors LLC acquired a new position in Bank of America during the second quarter valued at approximately $378,000. Capital Advisors Inc. OK grew its holdings in Bank of America by 2.8% during the second quarter. Capital Advisors Inc. OK now owns 45,917 shares of the financial services provider’s stock valued at $2,173,000 after purchasing an additional 1,232 shares during the period. Iowa State Bank grew its holdings in Bank of America by 1.1% during the second quarter. Iowa State Bank now owns 97,068 shares of the financial services provider’s stock valued at $4,593,000 after purchasing an additional 1,032 shares during the period. Finally, Relyea Zuckerberg Hanson LLC grew its holdings in Bank of America by 4.3% during the second quarter. Relyea Zuckerberg Hanson LLC now owns 18,042 shares of the financial services provider’s stock valued at $854,000 after purchasing an additional 752 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Wolfe Research boosted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Seaport Global Securities lifted their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Twenty equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $53.93.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.3%

BAC stock opened at $50.22 on Wednesday. The stock has a market capitalization of $371.95 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.96 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 Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm has a 50-day moving average price of $49.46 and a 200-day moving average price of $45.39.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.