Legacy Private Trust Co. Sells 18,693 Shares of Bank of America Corporation $BAC

Key Points

• Legacy Private Trust Co. reduced its stake in Bank of America by 14.6%, selling 18,693 shares and concluding the quarter with 109,473 shares worth $5.18 million.
• Bank of America has announced a quarterly dividend of $0.28, increasing from its previous dividend of $0.26, representing an annual yield of 2.2%.
• The company's Board of Directors authorized a stock buyback plan worth $40 billion, indicating a belief that its shares are undervalued.

Legacy Private Trust Co. decreased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 14.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,473 shares of the financial services provider's stock after selling 18,693 shares during the quarter. Legacy Private Trust Co.'s holdings in Bank of America were worth $5,180,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after buying an additional 227 shares in the last quarter. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Spurstone Advisory Services LLC bought a new stake in Bank of America during the 4th quarter worth approximately $34,000. Wood Tarver Financial Group LLC acquired a new stake in Bank of America during the 4th quarter valued at $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in Bank of America in the 4th quarter valued at $40,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.3%

BAC opened at $50.60 on Monday. The stock has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $50.96. The firm's fifty day simple moving average is $48.13 and its 200 day simple moving average is $44.28.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The business's revenue was up 4.3% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's payout ratio is 32.75%.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Oppenheimer boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and upped their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $50.39.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.30% of the company's stock.

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.

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