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% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,411 shares of the financial services provider’s stock after acquiring an additional 4,475 shares during the period. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $9,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jag Capital Management LLC grew its holdings in Bank of America by 12.8% during the 2nd quarter. Jag Capital Management LLC now owns 9,006 shares of the financial services provider’s stock worth $426,000 after acquiring an additional 1,021 shares in the last quarter. Cornerstone Wealth Group LLC grew its holdings in Bank of America by 2.2% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 277,333 shares of the financial services provider’s stock worth $13,123,000 after acquiring an additional 5,921 shares in the last quarter. Community Bank N.A. grew its holdings in Bank of America by 8.1% during the 2nd quarter. Community Bank N.A. now owns 18,773 shares of the financial services provider’s stock worth $888,000 after acquiring an additional 1,402 shares in the last quarter. NorthRock Partners LLC grew its holdings in Bank of America by 11.3% during the 2nd quarter. NorthRock Partners LLC now owns 112,003 shares of the financial services provider’s stock worth $5,300,000 after acquiring an additional 11,403 shares in the last quarter. Finally, Wealth Architects LLC lifted its position in shares of Bank of America by 1.1% during the second quarter. Wealth Architects LLC now owns 29,502 shares of the financial services provider’s stock valued at $1,396,000 after buying an additional 334 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.86 on Tuesday. The firm has a market capitalization of $361.93 billion, a P/E ratio of 14.29, a PEG ratio of 1.89 and a beta of 1.33. 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 has a 50 day moving average price of $49.67 and a 200 day moving average price of $45.59. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.83 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock buyback program 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 buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts have commented on BAC shares. Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Seaport Global Securities increased 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 report on Monday, October 6th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research report on Wednesday, October 8th. Finally, Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.64.

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.