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

Crux Wealth Advisors boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 37.9% in the second quarter, HoldingsChannel reports. The firm owned 18,804 shares of the financial services provider’s stock after purchasing an additional 5,167 shares during the quarter. Crux Wealth Advisors’ holdings in Bank of America were worth $890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC increased its position in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the period. Acima Private Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at about $33,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Bank of America in the first quarter valued at about $40,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Oppenheimer lifted their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday. Argus lifted their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday. Wolfe Research increased their price target on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada lifted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Finally, Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.29.

Bank of America Price Performance

Bank of America stock opened at $51.28 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market capitalization of $379.83 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The stock has a fifty day moving average of $50.11 and a 200-day moving average of $45.82.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is presently 30.52%.

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Bank of America

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 completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate 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.