Bank of America Corporation $BAC Stock Purchased by Legacy Private Trust Co.

Legacy Private Trust Co. increased its stake in Bank of America Corporation (NYSE:BAC) by 11.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,136 shares of the financial services provider’s stock after purchasing an additional 12,016 shares during the period. Legacy Private Trust Co.’s holdings in Bank of America were worth $6,267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Deutsche Bank AG raised its holdings in shares of Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after buying an additional 2,611,776 shares during the last quarter. Legal & General Group Plc acquired a new position in shares of Bank of America in the 2nd quarter valued at $2,571,060,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America in the 2nd quarter valued at $2,313,953,000. Amundi raised its stake in Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Bank of America by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock worth $1,517,599,000 after acquiring an additional 561,413 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BAC shares. UBS Group cut their price objective on Bank of America from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Monday. Rothschild & Co Redburn set a $72.00 target price on Bank of America in a research report on Tuesday. Barclays increased their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group reduced their price target on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Finally, Morgan Stanley restated an “overweight” rating on shares of Bank of America in a research note on Tuesday, September 15th. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.12.

Key Stories Impacting Bank of America

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

• Positive Sentiment: JPMorgan maintained its Overweight rating on BAC, reinforcing confidence in the bank’s valuation and earnings outlook. JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Bank of America strategists said two-year Treasury yields could rise further as economic data remains robust. Higher rates can support banks’ net interest income, although the benefit depends on deposit and loan pricing. Two-Year Treasury Yields Could Rise Further Due to Robust Economy
• Positive Sentiment: A market screen identified BAC as an oversold large-cap name that could benefit if investors rotate beyond technology stocks. This may support near-term buying interest, though it is a technical rather than fundamental catalyst. Five Oversold Corners of the Market
• Neutral Sentiment: Bank of America launched expanded fraud-prevention education for small businesses, including checklists, online content and webinars. The initiative may strengthen client relationships and trust, but it is unlikely to materially affect near-term earnings. Bank of America Expands Fraud Education
• Neutral Sentiment: Recent Merrill Lynch disclosures showing changes in holdings of several Turkish companies appear to be routine client or subsidiary trading activity, with no clear direct effect on BAC’s fundamentals.
• Negative Sentiment: Investor commentary remains cautious ahead of third-quarter results, citing evolving risks that could affect credit quality, expenses, capital markets activity and the outlook for interest-sensitive revenue. Bank of America: As Q3 Earnings Near, Cautious of Evolving Risks

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.12 during trading on Tuesday, hitting $54.12. 11,643,858 shares of the stock traded hands, compared to its average volume of 37,105,500. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average price of $60.73 and a two-hundred day moving average price of $56.40. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a market cap of $378.48 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 earnings per share. As a group, equities analysts predict that Bank of America Corporation will post 4.63 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 29.36%.

Bank of America Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.