Legacy Private Trust Co. Boosts Position in Bank of America Corporation $BAC

Legacy Private Trust Co. boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 11.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,136 shares of the financial services provider’s stock after purchasing an additional 12,016 shares during the period. Legacy Private Trust Co.’s holdings in Bank of America were worth $6,267,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG boosted its holdings in Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after acquiring an additional 2,611,776 shares during the period. Legal & General Group Plc purchased a new stake in Bank of America in the second quarter worth $2,571,060,000. Amundi lifted its position in shares of Bank of America by 12.5% during the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after purchasing an additional 4,721,969 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Bank of America during the second quarter worth $2,313,953,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Bank of America by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock valued at $1,517,599,000 after purchasing an additional 561,413 shares during the period. Institutional investors own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: JPMorgan maintained its Overweight rating on BAC, reinforcing confidence in the bank’s valuation and earnings outlook. JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Bank of America strategists said two-year Treasury yields could rise further as economic data remains robust. Higher rates can support banks’ net interest income, although the benefit depends on deposit and loan pricing. Two-Year Treasury Yields Could Rise Further Due to Robust Economy
• Positive Sentiment: A market screen identified BAC as an oversold large-cap name that could benefit if investors rotate beyond technology stocks. This may support near-term buying interest, though it is a technical rather than fundamental catalyst. Five Oversold Corners of the Market
• Neutral Sentiment: Bank of America launched expanded fraud-prevention education for small businesses, including checklists, online content and webinars. The initiative may strengthen client relationships and trust, but it is unlikely to materially affect near-term earnings. Bank of America Expands Fraud Education
• Neutral Sentiment: Recent Merrill Lynch disclosures showing changes in holdings of several Turkish companies appear to be routine client or subsidiary trading activity, with no clear direct effect on BAC’s fundamentals.
• Negative Sentiment: Investor commentary remains cautious ahead of third-quarter results, citing evolving risks that could affect credit quality, expenses, capital markets activity and the outlook for interest-sensitive revenue. Bank of America: As Q3 Earnings Near, Cautious of Evolving Risks

Bank of America Stock Up 0.2%

Bank of America stock traded up $0.12 during trading hours on Tuesday, reaching $54.12. The stock had a trading volume of 11,643,858 shares, compared to its average volume of 37,105,500. The company has a market cap of $378.48 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 0.86 and a beta of 1.21. The business’s 50 day moving average price is $60.73 and its 200-day moving average price is $56.40. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 4.63 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is 29.36%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Jefferies Financial Group dropped their target price on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Truist Financial cut their price target on Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Twenty investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.12.

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.