Bank of America Co. (NYSE:BAC) Shares Acquired by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,770 shares of the financial services provider’s stock after purchasing an additional 338 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Bank of America were worth $295,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Schechter Investment Advisors LLC boosted its position in shares of Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after buying an additional 4,187 shares during the period. Stonebridge Capital Advisors LLC boosted its holdings in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC grew its position in Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Sarasin & Partners LLP acquired a new position in Bank of America in the 4th quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after buying an additional 225,767 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

Shares of BAC opened at $37.56 on Tuesday. The firm has a market capitalization of $296.37 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. 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 business’s fifty day moving average price is $36.20 and its two-hundred day moving average price is $32.88.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the company earned $0.94 earnings per share. On average, analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BAC shares. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Friday, April 19th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $38.53.

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.