Bank of America Corporation (NYSE:BAC) Shares Purchased by Elyxium Wealth LLC

Elyxium Wealth LLC raised its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 230.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,488 shares of the financial services provider's stock after buying an additional 10,798 shares during the period. Elyxium Wealth LLC's holdings in Bank of America were worth $646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Gradient Investments LLC increased its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after buying an additional 50,296 shares during the period. Prudential Financial Inc. raised its stake in shares of Bank of America by 13.7% during the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after purchasing an additional 753,880 shares in the last quarter. Employees Retirement System of Texas raised its position in Bank of America by 12.7% in the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after purchasing an additional 17,880 shares during the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America during the first quarter worth about $998,000. Finally, Alpha Cubed Investments LLC boosted its holdings in shares of Bank of America by 37.2% during 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 acquiring an additional 17,619 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Oppenheimer decreased their price target on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday. JPMorgan Chase & Co. lowered their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Cfra Research boosted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Finally, Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Trading Up 0.3%

Shares of BAC stock traded up $0.15 during trading on Monday, hitting $47.47. 32,077,399 shares of the stock traded hands, compared to its average volume of 40,468,666. The firm has a market capitalization of $357.50 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. 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 firm's fifty day moving average price is $45.53 and its 200-day moving average price is $43.64. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during 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 period in the prior year, the firm earned $0.83 EPS. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.41%.

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.