Legacy Financial Advisors Inc. Has $1.46 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Legacy Financial Advisors Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 12.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 36,745 shares of the financial services provider’s stock after selling 5,347 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Bank of America were worth $1,461,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Barometer Capital Management Inc. bought a new position in Bank of America during the fourth quarter worth about $2,175,000. Johnson Financial Group Inc. grew its holdings in Bank of America by 149.9% during the fourth quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock valued at $715,000 after purchasing an additional 12,744 shares during the period. Parnassus Investments LLC increased its stake in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in Bank of America in the fourth quarter worth $3,601,000. Finally, American National Bank & Trust Co. VA bought a new position in shares of Bank of America during the first quarter worth $1,322,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Insiders sold a total of 129,780,724 shares of company stock valued at $5,342,589,705 over the last three months. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI lifted their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Trading Down 1.4 %

NYSE BAC opened at $40.28 on Friday. The company has a market cap of $315.00 billion, a PE ratio of 13.94, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a 50 day moving average of $39.98 and a 200-day moving average of $38.86. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.58%. Bank of America’s dividend payout ratio is currently 35.99%.

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.