Elyxium Wealth LLC Grows Holdings in Bank of America Corporation $BAC

Elyxium Wealth LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,904 shares of the financial services provider’s stock after buying an additional 1,416 shares during the quarter. Elyxium Wealth LLC’s holdings in Bank of America were worth $800,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after purchasing an additional 803,570 shares in the last quarter. Deutsche Bank AG increased its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Amundi raised its holdings in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after buying an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Bank of America by 5.7% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after buying an additional 894,027 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and boosted their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Citigroup lifted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $50.76.

Bank of America Price Performance

Shares of NYSE:BAC opened at $51.68 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market capitalization of $382.78 billion, a PE ratio of 15.11, a PEG ratio of 2.01 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The business has a fifty day moving average price of $48.76 and a 200-day moving average price of $44.68.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate 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 was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 earnings per share. As a group, equities analysts expect 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 will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

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.