Good Life Advisors LLC Trims Position in Bank of America Co. (NYSE:BAC)

Good Life Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 5.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,968 shares of the financial services provider’s stock after selling 1,303 shares during the period. Good Life Advisors LLC’s holdings in Bank of America were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Roundview Capital LLC increased its stake in shares of Bank of America by 2.9% in the fourth quarter. Roundview Capital LLC now owns 133,751 shares of the financial services provider’s stock worth $5,951,000 after purchasing an additional 3,741 shares in the last quarter. Woodard & Co. Asset Management Group Inc. ADV grew its stake in Bank of America by 6.3% during the fourth quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 49,195 shares of the financial services provider’s stock valued at $2,189,000 after acquiring an additional 2,911 shares in the last quarter. Independent Wealth Network Inc. grew its stake in Bank of America by 9.2% during the fourth quarter. Independent Wealth Network Inc. now owns 5,450 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 460 shares in the last quarter. Fort Sheridan Advisors LLC grew its stake in Bank of America by 5.4% during the fourth quarter. Fort Sheridan Advisors LLC now owns 28,529 shares of the financial services provider’s stock valued at $1,269,000 after acquiring an additional 1,459 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its stake in Bank of America by 2.5% during the fourth quarter. Regal Investment Advisors LLC now owns 55,437 shares of the financial services provider’s stock valued at $2,466,000 after acquiring an additional 1,345 shares in the last quarter. 70.46% of the stock is owned by hedge funds and other institutional investors.

BAC has been the subject of several research analyst reports. The Goldman Sachs Group cut their target price on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, April 20th. Robert W. Baird raised shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 target price for the company in a research note on Tuesday, March 8th. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research note on Monday, February 7th. Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $51.00 to $49.00 in a research note on Monday, March 28th. Finally, BMO Capital Markets lowered their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research report on Tuesday, April 19th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $50.41.

Shares of Bank of America stock traded up $0.10 during trading on Friday, hitting $35.17. The stock had a trading volume of 49,117,857 shares, compared to its average volume of 50,582,824. The firm’s fifty day simple moving average is $39.57 and its 200-day simple moving average is $43.76. The stock has a market cap of $283.36 billion, a PE ratio of 10.05, a PEG ratio of 1.55 and a beta of 1.39. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 12 month low of $34.26 and a 12 month high of $50.11.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. During the same quarter last year, the business posted $0.86 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 2.39%. Bank of America’s payout ratio is 24.00%.

About Bank of America (Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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