Good Life Advisors LLC Sells 2,178 Shares of Bank of America Co. (NYSE:BAC)

Good Life Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.8% in the 4th quarter, Holdings Channel reports. The firm owned 29,698 shares of the financial services provider’s stock after selling 2,178 shares during the period. Good Life Advisors LLC’s holdings in Bank of America were worth $1,000,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fort Sheridan Advisors LLC lifted its stake in shares of 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. Selective Wealth Management Inc. lifted its stake in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the last quarter. Fort Point Capital Partners LLC lifted its stake in shares of Bank of America by 2.2% in the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after acquiring an additional 336 shares during the last quarter. Sweet Financial Partners LLC lifted its stake in shares of Bank of America by 1.8% in the 4th 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 during the last quarter. Finally, SRS Capital Advisors Inc. lifted its stake in shares of Bank of America by 3.5% in the 1st 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 during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday. BMO Capital Markets decreased their price target on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. The Goldman Sachs Group increased their price target on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

Bank of America Stock Performance

Bank of America stock traded up $0.11 during mid-day trading 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. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.00. The company has a market capitalization of $299.21 billion, a P/E ratio of 12.35, a PEG ratio of 1.70 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s fifty day moving average price is $34.47 and its two-hundred day moving average price is $31.31.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.