Legacy Wealth Management LLC MS Sells 2,196 Shares of Bank of America Corporation $BAC

Legacy Wealth Management LLC MS trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 2.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 76,674 shares of the financial services provider’s stock after selling 2,196 shares during the quarter. Bank of America comprises approximately 1.1% of Legacy Wealth Management LLC MS’s portfolio, making the stock its 22nd biggest position. Legacy Wealth Management LLC MS’s holdings in Bank of America were worth $3,628,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter worth about $30,000. Spurstone Advisory Services LLC bought a new stake in Bank of America in the 4th quarter worth about $34,000. Wood Tarver Financial Group LLC bought a new stake in Bank of America in the 4th quarter worth about $38,000. Mascagni Wealth Management Inc. bought a new stake in shares of Bank of America during the 4th quarter valued at about $40,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the 1st quarter valued at about $40,000. 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 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Bank of America Stock Down 0.3%

BAC stock opened at $50.60 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $50.96. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $374.79 billion, a P/E ratio of 14.80, a PEG ratio of 1.97 and a beta of 1.34. The business’s 50-day moving average price is $48.13 and its 200-day moving average price is $44.28.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has authorized a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Truist Financial boosted their price target on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Finally, Citigroup boosted their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $50.39.

About Bank of America

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.