Legacy Private Trust Co. Acquires 7,819 Shares of Bank of America Co. (NYSE:BAC)

Legacy Private Trust Co. grew its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 6.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,166 shares of the financial services provider's stock after purchasing an additional 7,819 shares during the quarter. Legacy Private Trust Co.'s holdings in Bank of America were worth $5,348,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Graney & King LLC bought a new position in Bank of America during the fourth quarter worth about $25,000. Collier Financial bought a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter valued at approximately $31,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAC shares. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Trading Down 0.2%

Shares of Bank of America stock traded down $0.10 on Friday, hitting $44.14. The stock had a trading volume of 66,528,527 shares, compared to its average volume of 39,868,388. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The stock has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The stock's 50-day simple moving average is $40.46 and its two-hundred day simple moving average is $43.56.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

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.