Legacy Wealth Management LLC MS Sells 3,100 Shares of Bank of America Co. (NYSE:BAC)

Legacy Wealth Management LLC MS reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 79,245 shares of the financial services provider’s stock after selling 3,100 shares during the quarter. Bank of America comprises about 1.4% of Legacy Wealth Management LLC MS’s holdings, making the stock its 19th largest position. Legacy Wealth Management LLC MS’s holdings in Bank of America were worth $3,483,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Longfellow Investment Management Co. LLC grew its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. lifted its stake in Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares in the last quarter. Integrity Financial Corp WA boosted its holdings in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the period. Cahill Financial Advisors Inc. increased its position in shares of Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 249 shares in the last quarter. Finally, Chicago Capital LLC raised its holdings in shares of Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 250 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Oppenheimer decreased their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $45.82.

Bank of America Stock Up 2.0 %

Shares of BAC stock traded up $0.89 on Monday, reaching $45.70. 4,215,728 shares of the company were exchanged, compared to its average volume of 17,025,488. The company has a 50-day moving average of $45.17 and a 200-day moving average of $42.01. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $350.65 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.28%. Bank of America’s dividend payout ratio is currently 37.82%.

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.