Legacy Private Trust Co. Sells 3,758 Shares of Bank of America Co. (NYSE:BAC)

Legacy Private Trust Co. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,347 shares of the financial services provider’s stock after selling 3,758 shares during the period. Legacy Private Trust Co.’s holdings in Bank of America were worth $5,289,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Acadian Asset Management LLC boosted its stake in Bank of America by 37.2% in the second quarter. Acadian Asset Management LLC now owns 559,784 shares of the financial services provider’s stock valued at $22,257,000 after acquiring an additional 151,864 shares in the last quarter. Koss Olinger Consulting LLC acquired a new position in Bank of America during the 2nd quarter valued at about $234,000. Cahill Financial Advisors Inc. increased its position in Bank of America by 2.8% during the 2nd quarter. Cahill Financial Advisors Inc. now owns 11,982 shares of the financial services provider’s stock valued at $477,000 after buying an additional 322 shares in the last quarter. Clifford Swan Investment Counsel LLC raised its stake in Bank of America by 2.9% in the second quarter. Clifford Swan Investment Counsel LLC now owns 52,188 shares of the financial services provider’s stock valued at $2,076,000 after buying an additional 1,447 shares during the last quarter. Finally, Liberty Wealth Management LLC grew its stake in shares of Bank of America by 44.7% during the second quarter. Liberty Wealth Management LLC now owns 39,036 shares of the financial services provider’s stock worth $1,552,000 after acquiring an additional 12,064 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3 %

NYSE BAC traded up $0.13 on Wednesday, reaching $46.21. 39,531,044 shares of the company were exchanged, compared to its average volume of 32,043,459. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s fifty day moving average price is $45.30 and its 200 day moving average price is $42.09. The stock has a market capitalization of $354.56 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.90 earnings per share. Analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Truist Financial began coverage on Bank of America in a research note on Tuesday. They set a “buy” rating and a $52.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Bank of America Company 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.