Legacy Capital Group California Inc. Sells 16,961 Shares of Bank of America Corporation $BAC

Legacy Capital Group California Inc. cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 42.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,641 shares of the financial services provider’s stock after selling 16,961 shares during the period. Legacy Capital Group California Inc.’s holdings in Bank of America were worth $1,168,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after buying an additional 403,652 shares during the last quarter. Norges Bank bought a new stake in Bank of America during the second quarter worth $5,091,641,000. Fisher Asset Management LLC raised its position in Bank of America by 2.5% during the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider’s stock worth $2,717,657,000 after acquiring an additional 1,272,315 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Bank of America by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 30,648,910 shares of the financial services provider’s stock valued at $1,581,350,000 after acquiring an additional 640,462 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after acquiring an additional 9,782,208 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Piper Sandler raised their price objective on Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. Oppenheimer boosted their target price on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, HSBC lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Friday, February 6th. Twenty-two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Price Performance

Bank of America stock opened at $48.68 on Friday. The company has a market capitalization of $349.36 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.21 and a beta of 1.28. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The stock’s 50 day moving average is $53.27 and its 200-day moving average is $52.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s payout ratio is currently 29.24%.

Insider Buying and Selling

In other news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.30% of the company’s stock.

Bank of America News Roundup

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

• Positive Sentiment: Analyst buy thesis: BAC is described as “slipping back into the buy zone” — trading at ~12.5x trailing earnings (below its 10-year average) with a multiyear tailwind from net interest margin expansion as low‑yielding assets reprice, supporting operating leverage and returns. Bank Of America: Slipping Back Into The ‘Buy’ Zone
• Positive Sentiment: Dividend & income angle: Coverage argues BAC remains attractive for dividend-seeking portfolios — an important point for income investors given the bank’s payout and current yield profile. Bank of America (BAC) Could Be a Great Choice
• Positive Sentiment: Wealth-management product expansion: Bank of America Private Bank launched an Art Consulting service — a niche revenue/relationship initiative that modestly diversifies fee income and deepens HNW client ties. Bank Of America Art Consulting Adds Dimension To Wealth And Valuation Story
• Neutral Sentiment: Underwriting / investment-banking activity: BofA Securities is lead in SM Energy’s $1bn senior notes offering — a reminder of recurring fee revenue from capital markets, but not large enough alone to swing BAC’s stock. Vinson & Elkins Advises Initial Purchasers on SM Energy’s $1 Billion Senior Notes Offering
• Neutral Sentiment: Shareholder / holdings disclosure: Galapagos filed transparency notices showing Bank of America entities crossed a reporting threshold — operational detail about holdings rather than a direct signal about BAC’s performance. Galapagos Receives Transparency Notifications from Bank of America
• Negative Sentiment: Geopolitical / market risk: BofA strategists warn that a prolonged U.S.–Iran war could push investors out of Europe and Japan into oil and the dollar — a macro shock that raises volatility and can hurt banks via risk‑off flows, trading losses, or credit stress. BofA’s Hartnett Sees European, Japanese Stocks at Risk From War
• Negative Sentiment: Market sentiment cooling: Coverage noting that recent BAC share momentum has cooled and valuation dynamics are being reassessed — this sort of reassessment can trigger short‑term selling even if fundamentals remain intact. Assessing Bank Of America (BAC) Valuation As Recent Share Momentum Cools
• Negative Sentiment: Sector rotation commentary: Bank of America research and market pieces (and consequent media coverage) around selling oil stocks and shifting sector preferences signal rotation and positioning changes that can temporarily depress financial shares amid heightened commodity and FX volatility. Bank of America (BAC) Is Telling Investors to Sell Oil Stocks as Crude Prices Soar. Here’s Why

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.