Leo Wealth LLC Has $624,000 Stock Position in Bank of America Corporation $BAC

Leo Wealth LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 75.4% during the 2nd quarter, Holdings Channel reports. The firm owned 13,187 shares of the financial services provider’s stock after buying an additional 5,669 shares during the period. Leo Wealth LLC’s holdings in Bank of America were worth $624,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Deutsche Bank AG increased its stake in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment increased its position in Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Bank of America during the second quarter worth approximately $164,623,000. Maverick Capital Ltd. acquired a new position in Bank of America during the first quarter worth approximately $152,098,000. Finally, AMF Tjanstepension AB increased its holdings in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $49.71 on Friday. The company’s 50 day moving average price is $49.55 and its two-hundred day moving average price is $45.46. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The firm has a market cap of $368.20 billion, a PE ratio of 14.54, a PEG ratio of 1.93 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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 for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Wells Fargo & Company upped their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Morgan Stanley increased their price target on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday, September 29th. TD Cowen upped their target price on Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.11.

Bank of America 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.