Good Life Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Good Life Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 6.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 29,698 shares of the financial services provider’s stock after selling 2,178 shares during the quarter. Good Life Advisors LLC’s holdings in Bank of America were worth $1,000,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fort Sheridan Advisors LLC lifted its position in Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares during the last quarter. Selective Wealth Management Inc. lifted its position in Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares during the last quarter. Fort Point Capital Partners LLC lifted its position in Bank of America by 2.2% in the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after purchasing an additional 336 shares during the last quarter. Sweet Financial Partners LLC raised its holdings in shares of Bank of America by 1.8% during the fourth quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock valued at $658,000 after acquiring an additional 344 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Bank of America by 3.5% during the first quarter. SRS Capital Advisors Inc. now owns 10,765 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 366 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Citigroup upped their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wells Fargo & Company upped their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.15.

Bank of America Price Performance

NYSE BAC traded up $0.11 during trading hours on Thursday, reaching $37.92. The company’s stock had a trading volume of 42,192,881 shares, compared to its average volume of 41,133,078. The firm has a market capitalization of $299.21 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.70 and a beta of 1.38. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.00. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50-day moving average is $34.47 and its two-hundred day moving average is $31.31.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same quarter in the prior year, the firm earned $0.85 earnings per share. The business’s revenue was down 10.2% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio is presently 31.27%.

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.