Legacy Capital Group California Inc. Has $1.37 Million Holdings in Bank of America Corporation $BAC

Legacy Capital Group California Inc. lessened its stake in Bank of America Corporation (NYSE:BAC) by 25.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 28,167 shares of the financial services provider’s stock after selling 9,680 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Bank of America were worth $1,373,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. DecisionMap Wealth Management LLC increased its position in Bank of America by 4.7% during the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after buying an additional 182 shares during the last quarter. Money Concepts Capital Corp boosted its position in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners increased its holdings in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 183 shares during the period. Operose Advisors LLC increased its stake in Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 185 shares during the period. Finally, Asahi Life Asset Management CO. LTD. raised its stake in shares of Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Down 0.3%

NYSE:BAC opened at $59.49 on Tuesday. The firm has a market capitalization of $422.18 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83. The stock’s 50 day moving average price is $54.62 and its two-hundred day moving average price is $52.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. Equities research analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Analysts Set New Price Targets

Several research firms recently commented on BAC. Autonomous Res cut their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. HSBC raised their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Citigroup upped their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Morgan Stanley raised their price target on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.19.

More Bank of America News

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

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor’s Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.