Lifestyle Asset Management Inc. Sells 879 Shares of Bank of America Co. (NYSE:BAC)

Lifestyle Asset Management Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 12.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,962 shares of the financial services provider’s stock after selling 879 shares during the period. Lifestyle Asset Management Inc.’s holdings in Bank of America were worth $226,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at $25,000. Livelsberger Financial Advisory bought a new position in shares of Bank of America during the fourth quarter valued at $28,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 1st quarter worth about $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its position in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.04 on Wednesday, reaching $40.89. The stock had a trading volume of 17,100,665 shares, compared to its average volume of 38,672,520. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.20. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $319.77 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.52 and a beta of 1.35. The firm’s 50-day moving average is $39.00 and its two-hundred day moving average is $36.22.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the firm earned $0.94 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Evercore ISI lifted their price objective on Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research report on Wednesday. Oppenheimer raised their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

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.