Good Life Advisors LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 31,048 shares of the financial services provider’s stock after selling 1,613 shares during the period. Good Life Advisors LLC’s holdings in Bank of America were worth $891,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Spears Abacus Advisors LLC raised its position in shares of Bank of America by 0.6% in the fourth quarter. Spears Abacus Advisors LLC now owns 49,224 shares of the financial services provider’s stock valued at $1,630,000 after buying an additional 300 shares during the last quarter. Fort Sheridan Advisors LLC raised its holdings in Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after acquiring an additional 303 shares during the last quarter. Zullo Investment Group Inc. lifted its stake in Bank of America by 2.4% in the 4th quarter. Zullo Investment Group Inc. now owns 14,220 shares of the financial services provider’s stock worth $471,000 after purchasing an additional 334 shares in the last quarter. Fort Point Capital Partners LLC boosted its holdings in shares of Bank of America by 2.2% during the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares during the last quarter. Finally, Pasadena Private Wealth LLC grew its position in shares of Bank of America by 1.0% in the first quarter. Pasadena Private Wealth LLC now owns 34,797 shares of the financial services provider’s stock valued at $995,000 after purchasing an additional 341 shares in the last quarter. Hedge funds and other institutional investors own 68.06% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on BAC shares. Piper Sandler reduced their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research report on Friday. HSBC assumed coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price target on the stock. Oppenheimer cut their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. StockNews.com began coverage on shares of Bank of America in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, BMO Capital Markets reduced their price target on shares of Bank of America from $41.00 to $40.00 in a research report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.98.
Bank of America Stock Performance
Shares of Bank of America stock opened at $28.84 on Monday. The stock has a market capitalization of $229.17 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day moving average of $29.98 and a 200 day moving average of $29.22. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business had revenue of $25.20 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same quarter last year, the firm posted $0.73 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.41 earnings per share for the current year.
Bank of America Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.33%. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s dividend payout ratio is currently 27.59%.
In other Bank of America news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the sale, the insider now owns 185,108 shares in the company, valued at approximately $5,836,455.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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