Elyxium Wealth LLC Grows Stock Position in Bank of America Corporation $BAC

Elyxium Wealth LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 9.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 16,904 shares of the financial services provider’s stock after purchasing an additional 1,416 shares during the period. Elyxium Wealth LLC’s holdings in Bank of America were worth $800,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC raised its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC lifted its position in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $33,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Citigroup raised their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, The Goldman Sachs Group increased their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Sixteen 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 MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $50.76.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $51.68 on Wednesday. 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 company has a market capitalization of $382.78 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.01 and a beta of 1.34. The firm’s 50-day moving average is $48.76 and its 200 day moving average is $44.68.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. Research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

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. Corporate insiders own 0.30% of the company’s stock.

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.