LifePro Asset Management Has $14.68 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

LifePro Asset Management raised its position in shares of Bank of America Co. (NYSE:BAC) by 1,350.8% in the second quarter, HoldingsChannel.com reports. The firm owned 356,141 shares of the financial services provider’s stock after buying an additional 331,593 shares during the period. Bank of America comprises about 4.3% of LifePro Asset Management’s investment portfolio, making the stock its 7th biggest holding. LifePro Asset Management’s holdings in Bank of America were worth $14,684,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Arden Trust Co lifted its position in shares of Bank of America by 12.5% during the 2nd quarter. Arden Trust Co now owns 93,322 shares of the financial services provider’s stock valued at $3,847,000 after acquiring an additional 10,343 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Bank of America by 33.9% during the 1st quarter. Cerity Partners LLC now owns 346,170 shares of the financial services provider’s stock valued at $13,393,000 after acquiring an additional 87,569 shares during the last quarter. Mark Stevens lifted its position in shares of Bank of America by 9.6% during the 1st quarter. Mark Stevens now owns 26,255 shares of the financial services provider’s stock valued at $1,016,000 after acquiring an additional 2,306 shares during the last quarter. Galvin Gaustad & Stein LLC lifted its position in shares of Bank of America by 2.0% during the 2nd quarter. Galvin Gaustad & Stein LLC now owns 168,175 shares of the financial services provider’s stock valued at $6,934,000 after acquiring an additional 3,275 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its position in shares of Bank of America by 15.6% during the 2nd quarter. NEXT Financial Group Inc now owns 65,919 shares of the financial services provider’s stock valued at $2,718,000 after acquiring an additional 8,905 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

A number of research firms have recently issued reports on BAC. Credit Suisse Group increased their target price on Bank of America from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, July 16th. Morgan Stanley increased their target price on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, July 29th. Royal Bank of Canada set a $37.69 target price on Bank of America and gave the company a “buy” rating in a report on Wednesday, July 21st. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price for the company in a report on Monday. Finally, Truist started coverage on shares of Bank of America in a research note on Wednesday, June 2nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $40.42.

In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $39.98, for a total value of $3,198,400.00. Following the sale, the insider now directly owns 337,006 shares of the company’s stock, valued at $13,473,499.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.22% of the company’s stock.

Bank of America stock traded up $0.35 during mid-day trading on Wednesday, hitting $40.19. 1,321,883 shares of the company’s stock were exchanged, compared to its average volume of 49,445,723. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.08. The stock has a market cap of $338.19 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.72 and a beta of 1.55. Bank of America Co. has a 1-year low of $22.95 and a 1-year high of $43.49. The stock has a 50 day moving average of $40.02 and a two-hundred day moving average of $40.08.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.26. The firm had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $21.77 billion. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Friday, September 3rd will be given a $0.21 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, September 2nd. Bank of America’s dividend payout ratio (DPR) is currently 38.50%.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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