Axxcess Wealth Management LLC Acquires 4,475 Shares of Bank of America Corporation $BAC

Axxcess Wealth Management LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 210,411 shares of the financial services provider’s stock after buying an additional 4,475 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $9,957,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America during the second quarter valued at approximately $28,000. Acima Private Wealth LLC purchased a new position in Bank of America during the second quarter valued at approximately $33,000. Cloud Capital Management LLC purchased a new position in Bank of America during the first quarter valued at approximately $40,000. Finally, HighMark Wealth Management LLC lifted its holdings in Bank of America by 233.6% during the first quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.4%

BAC stock opened at $48.86 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The stock has a market capitalization of $361.93 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. The firm’s fifty day simple moving average is $49.67 and its two-hundred day simple moving average is $45.59.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. 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 report on Monday, October 6th. Royal Bank Of Canada lifted their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. TD Cowen lifted their price target on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Evercore ISI boosted their target price on shares of Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Finally, Citigroup boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.64.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.