Legacy Capital Group California Inc. Has $2.08 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Legacy Capital Group California Inc. increased its stake in Bank of America by 67.2% in Q4, owning 37,847 shares worth about $2.08 million after adding 15,206 shares during the period.
• Company insiders have been net sellers recently — James P. Demare sold 83,832 shares and Thomas M. Scrivener sold 50,000, with insiders offloading 227,832 shares (~$11.09 million) in the last 90 days and now owning 0.27% of the stock.
• Bank of America beat Q1 estimates (EPS $1.11 vs $1.00; revenue $30.27B vs $29.72B), prompting analysts to raise targets and leave a consensus rating of Moderate Buy with an average price target of $60.90.

Legacy Capital Group California Inc. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 67.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,847 shares of the financial services provider's stock after acquiring an additional 15,206 shares during the period. Legacy Capital Group California Inc.'s holdings in Bank of America were worth $2,082,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at approximately $27,000. Collier Financial acquired a new position in shares of Bank of America in the 3rd quarter valued at approximately $30,000. Marquette Asset Management LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Bank of America during the third quarter worth $31,000. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 83,832 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 227,832 shares of company stock valued at $11,094,960 in the last ninety days. Company insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays increased their target price on shares of Bank of America from $59.00 to $71.00 and gave the stock an "overweight" rating in a report on Monday, January 5th. Wells Fargo & Company upped their price target on shares of Bank of America from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, January 5th. Argus boosted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Daiwa Securities Group cut their price objective on Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Finally, Piper Sandler boosted their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.90.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Jefferies reiterated a Buy and raised its price target on Bank of America to $65 after the bank’s strong Q1 results, which supports upside expectations for BAC shares. This Is Why Jefferies Believes Bank of America Corporation (BAC) Is a Buy
• Positive Sentiment: Follow-up coverage of BAC’s Q1 earnings highlighted broad-based revenue and earnings growth across segments, stronger-than-expected net interest income and stable credit — fundamentals that justify renewed investor confidence. 5 Insightful Analyst Questions From Bank of America’s Q1 Earnings Call
• Positive Sentiment: Analyses highlighting BAC’s AI and “phygital” strategy suggest margin expansion from cost savings and smarter branch/revenue initiatives — a structural positive for medium-term profitability. BAC's AI Edge Likely to Drive Margin Expansion: Should You Invest Now?
• Positive Sentiment: Sector momentum from big-bank Q1 beats is giving financials, including BAC, a lift as investors re-rate the group on better-than-feared results. Big Bank Earnings Gave Financials a Lift, But Wall Street Is Still Cautious (BAC)
• Neutral Sentiment: Bank of America filed a transparency notification regarding its holdings in Umicore (crossing a 3% threshold downward); a regulatory/ownership disclosure that is not material to BAC’s core operations. Umicore - Transparency notification by Bank of America Corporation
• Neutral Sentiment: Coverage highlights that BofA Securities remains active and influential in capital markets (e.g., analyst notes on other companies and upgrades), which supports the bank’s franchise value but is tangential to BAC’s near-term stock move. AI-Driven Growth and Robust Issuance Support Buy Rating on Moody’s
• Negative Sentiment: Bank of America research flagged continued rotation and outflows from U.S. equities into international markets, a trend that could cap upside for large U.S. bank stocks if sustained. Are investors turning bearish on US stocks? BofA flags outflows
• Negative Sentiment: Macro uncertainty around inflation measurement and Fed policy (coverage quoting BofA economists) adds a risk premium that could increase volatility for bank earnings and stock multiples. Kevin Warsh gave his preferred way for measuring inflation. It could come back to bite him

Bank of America Stock Performance

Shares of BAC opened at $53.00 on Thursday. The stock has a 50-day moving average of $50.34 and a 200-day moving average of $52.32. The company has a market cap of $378.71 billion, a PE ratio of 13.12, a P/E/G ratio of 0.91 and a beta of 1.23. Bank of America Corporation has a one year low of $38.60 and a one year high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 4.44 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America's dividend payout ratio is currently 27.72%.

Bank of America Company Profile

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.

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