Bank of America Co. (NYSE:BAC) Shares Acquired by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. lifted its position in shares of Bank of America Co. (NYSE:BAC) by 6.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 39,769 shares of the financial services provider’s stock after acquiring an additional 2,518 shares during the period. Legacy Financial Advisors Inc.’s holdings in Bank of America were worth $1,339,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Sapient Capital LLC bought a new position in shares of Bank of America during the fourth quarter worth about $34,858,000. W Advisors LLC bought a new position in shares of Bank of America during the fourth quarter worth about $215,000. Axxcess Wealth Management LLC grew its position in shares of Bank of America by 91.6% during the fourth quarter. Axxcess Wealth Management LLC now owns 143,153 shares of the financial services provider’s stock worth $4,820,000 after acquiring an additional 68,419 shares during the last quarter. Signature Resources Capital Management LLC acquired a new stake in Bank of America in the fourth quarter worth about $62,000. Finally, Merit Financial Group LLC lifted its holdings in Bank of America by 28.1% in the fourth quarter. Merit Financial Group LLC now owns 106,096 shares of the financial services provider’s stock worth $3,572,000 after purchasing an additional 23,261 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.0 %

Shares of Bank of America stock traded up $0.37 during trading on Friday, hitting $37.25. The stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The stock has a 50 day simple moving average of $36.46 and a 200 day simple moving average of $33.08. The company has a market capitalization of $291.31 billion, a PE ratio of 12.89, a P/E/G ratio of 1.66 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $38.70.

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.