Legacy Financial Advisors Inc. Sells 354 Shares of Bank of America Corporation $BAC

Legacy Financial Advisors Inc. lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,931 shares of the financial services provider’s stock after selling 354 shares during the period. Legacy Financial Advisors Inc.’s holdings in Bank of America were worth $1,625,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Deutsche Bank AG boosted its stake in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Northern Trust Corp boosted its stake in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 31.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock worth $1,716,318,000 after acquiring an additional 9,258,040 shares in the last quarter. Finally, Theleme Partners LLP bought a new stake in Bank of America during the fourth quarter worth about $263,449,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 2.1%

Shares of BAC stock opened at $47.92 on Tuesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The stock has a market cap of $354.94 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.82 and a beta of 1.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company has a 50 day simple moving average of $46.75 and a two-hundred day simple moving average of $43.76.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and upped their target price for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

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.