Leo Wealth LLC Has $624,000 Stock Holdings in Bank of America Corporation $BAC

Leo Wealth LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 75.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,187 shares of the financial services provider’s stock after buying an additional 5,669 shares during the quarter. Leo Wealth LLC’s holdings in Bank of America were worth $624,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Boston Common Asset Management LLC lifted its position in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. lifted its holdings in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC lifted its stake in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares during the period. Prosperity Wealth Management Inc. acquired a new position in shares of Bank of America in the 1st quarter valued at $998,000. Finally, Alpha Cubed Investments LLC lifted its stake in shares of Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after purchasing an additional 17,619 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.3%

Shares of NYSE:BAC opened at $49.71 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company’s fifty day simple moving average is $49.55 and its 200 day simple moving average is $45.46. The firm has a market cap of $368.20 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the business posted $0.83 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BAC shares. Citigroup increased their target price on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. UBS Group increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley increased their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.11.

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.