Legacy Capital Group California Inc. Sells 16,961 Shares of Bank of America Corporation $BAC

Legacy Capital Group California Inc. trimmed its position in Bank of America Corporation (NYSE:BAC) by 42.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,641 shares of the financial services provider’s stock after selling 16,961 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Bank of America were worth $1,168,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Steph & Co. boosted its holdings in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares in the last quarter. Collier Financial acquired a new position in shares of Bank of America during the 3rd quarter worth $30,000. Marquette Asset Management LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in Bank of America in the third quarter valued at about $31,000. Finally, Wealth Preservation Advisors LLC grew its position in Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BAC shares. Barclays raised their price target on shares of Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Daiwa Securities Group dropped their price objective on shares of Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Finally, Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. Twenty-two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $60.30.

Bank of America Stock Down 2.3%

NYSE:BAC opened at $48.68 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $349.36 billion, a PE ratio of 12.71, a P/E/G ratio of 1.21 and a beta of 1.28. The firm’s 50 day simple moving average is $53.27 and its 200 day simple moving average is $52.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. Bank of America’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America’s dividend payout ratio is presently 29.24%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analyst buy thesis: BAC is described as “slipping back into the buy zone” — trading at ~12.5x trailing earnings (below its 10-year average) with a multiyear tailwind from net interest margin expansion as low‑yielding assets reprice, supporting operating leverage and returns. Bank Of America: Slipping Back Into The ‘Buy’ Zone
• Positive Sentiment: Dividend & income angle: Coverage argues BAC remains attractive for dividend-seeking portfolios — an important point for income investors given the bank’s payout and current yield profile. Bank of America (BAC) Could Be a Great Choice
• Positive Sentiment: Wealth-management product expansion: Bank of America Private Bank launched an Art Consulting service — a niche revenue/relationship initiative that modestly diversifies fee income and deepens HNW client ties. Bank Of America Art Consulting Adds Dimension To Wealth And Valuation Story
• Neutral Sentiment: Underwriting / investment-banking activity: BofA Securities is lead in SM Energy’s $1bn senior notes offering — a reminder of recurring fee revenue from capital markets, but not large enough alone to swing BAC’s stock. Vinson & Elkins Advises Initial Purchasers on SM Energy’s $1 Billion Senior Notes Offering
• Neutral Sentiment: Shareholder / holdings disclosure: Galapagos filed transparency notices showing Bank of America entities crossed a reporting threshold — operational detail about holdings rather than a direct signal about BAC’s performance. Galapagos Receives Transparency Notifications from Bank of America
• Negative Sentiment: Geopolitical / market risk: BofA strategists warn that a prolonged U.S.–Iran war could push investors out of Europe and Japan into oil and the dollar — a macro shock that raises volatility and can hurt banks via risk‑off flows, trading losses, or credit stress. BofA’s Hartnett Sees European, Japanese Stocks at Risk From War
• Negative Sentiment: Market sentiment cooling: Coverage noting that recent BAC share momentum has cooled and valuation dynamics are being reassessed — this sort of reassessment can trigger short‑term selling even if fundamentals remain intact. Assessing Bank Of America (BAC) Valuation As Recent Share Momentum Cools
• Negative Sentiment: Sector rotation commentary: Bank of America research and market pieces (and consequent media coverage) around selling oil stocks and shifting sector preferences signal rotation and positioning changes that can temporarily depress financial shares amid heightened commodity and FX volatility. Bank of America (BAC) Is Telling Investors to Sell Oil Stocks as Crude Prices Soar. Here’s Why

Insider Transactions at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is owned by company insiders.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.