Legacy Capital Wealth Partners LLC Acquires 338 Shares of Bank of America Co. (NYSE:BAC)

Legacy Capital Wealth Partners LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 4.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Regent Peak Wealth Advisors LLC raised its holdings in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group raised its holdings in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC lifted its position in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Morton Capital Management LLC CA boosted its position in shares of Bank of America by 3.3% during the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock valued at $358,000 after buying an additional 341 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $37.56 on Tuesday. The company 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. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s 50-day simple moving average is $36.20 and its 200-day simple moving average is $32.88. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. As a group, analysts expect that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Finally, Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.53.

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.