Crux Wealth Advisors Has $890,000 Stock Holdings in Bank of America Corporation $BAC

Key Points

• Crux Wealth Advisors increased its holdings in Bank of America Corporation by 37.9%, owning 18,804 shares valued at $890,000 as of the end of the most recent quarter.
• Bank of America reported a quarterly earnings of $1.06 per share, exceeding analysts' estimates of $0.93, and its revenues rose by 10.8% year-over-year.
• The company has initiated a $40 billion stock buyback program and increased its quarterly dividend to $0.28 per share, reflecting a commitment to returning value to shareholders.

Crux Wealth Advisors grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 37.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,804 shares of the financial services provider's stock after buying an additional 5,167 shares during the period. Crux Wealth Advisors' holdings in Bank of America were worth $890,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Boston Common Asset Management LLC lifted its holdings in shares of 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 in the last quarter. Nicholas Hoffman & Company LLC. raised its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC raised its holdings in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock worth $306,000 after buying an additional 439 shares during the period. CCG Wealth Management LLC bought a new position in Bank of America in the second quarter valued at approximately $287,000. Finally, Community Financial Services Group LLC boosted its holdings in shares of Bank of America by 3.5% in the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock valued at $8,000,000 after buying an additional 5,787 shares during the period. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction 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 completion of the sale, the insider 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

BAC opened at $51.28 on Friday. The business's 50-day simple moving average is $50.11 and its 200 day simple moving average is $45.82. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $379.83 billion, a PE ratio of 13.97, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The business's quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. 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. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Wells Fargo & Company boosted their price objective on shares of Bank of America from $56.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. TD Cowen boosted their price target on Bank of America from $59.00 to $61.00 and gave the company a "buy" rating in a report on Thursday. UBS Group upped their price objective on Bank of America from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Morgan Stanley lifted their target price on Bank of America from $66.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Argus boosted their target price on Bank of America from $53.00 to $58.00 in a research note on Friday. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $57.29.

Bank of America Company 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.

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