Family Legacy Inc. Acquires 401 Shares of Bank of America Co. (NYSE:BAC)

Family Legacy Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, Holdings Channel reports. The fund owned 59,238 shares of the financial services provider’s stock after buying an additional 401 shares during the period. Family Legacy Inc.’s holdings in Bank of America were worth $2,737,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC raised its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 3.1 %

NYSE BAC opened at $41.24 on Monday. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The firm has a market capitalization of $313.50 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average of $44.45 and a two-hundred day moving average of $43.93.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BAC shares. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.45.

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.