Axxcess Wealth Management LLC Boosts Stock Position in Bank of America Corporation $BAC

Key Points

• Axxcess Wealth Management boosted its stake in Bank of America by 410.7% in the fourth quarter, ending with 1,147,638 shares valued at about $63.1 million.
• Bank of America reported strong quarterly results, with earnings of $1.11 per share and revenue of $30.27 billion, both ahead of analyst expectations. Revenue rose 10.7% from a year earlier.
• The bank announced a quarterly dividend of $0.28 per share, equal to an annualized yield of about 2.2%, while analysts currently have a Moderate Buy consensus with an average price target of $61.06.

Axxcess Wealth Management LLC increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 410.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,147,638 shares of the financial services provider's stock after purchasing an additional 922,927 shares during the period. Axxcess Wealth Management LLC's holdings in Bank of America were worth $63,120,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. DecisionMap Wealth Management LLC lifted its holdings in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after purchasing an additional 182 shares in the last quarter. Money Concepts Capital Corp lifted its holdings in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Holistic Financial Partners lifted its holdings in Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after purchasing an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC increased its stake in Bank of America by 4.2% in the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after acquiring an additional 188 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

Bank of America Stock Performance

NYSE BAC opened at $51.46 on Friday. The company has a market cap of $365.16 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The business's 50 day moving average price is $50.59 and its 200-day moving average price is $52.38. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Truist Financial lifted their price objective on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Robert W. Baird lifted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Oppenheimer lifted their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Autonomous Res reduced their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Insiders Place Their Bets

In related news, insider James P. Demare sold 83,832 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares of the company's stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 354,588 shares of company stock worth $17,814,296. Insiders own 0.27% of the company's stock.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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