Good Life Advisors LLC Has $891,000 Holdings in Bank of America Co. (NYSE:BAC)

Good Life Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 4.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,048 shares of the financial services provider’s stock after selling 1,613 shares during the period. Good Life Advisors LLC’s holdings in Bank of America were worth $891,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Tanglewood Legacy Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth about $26,000. Castleview Partners LLC acquired a new position in shares of Bank of America in the first quarter valued at approximately $28,000. Ahrens Investment Partners LLC bought a new position in shares of Bank of America during the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America during the 1st quarter worth approximately $34,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in Bank of America in the 4th quarter valued at $35,000. 68.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the transaction, the insider now owns 185,108 shares in the company, valued at approximately $5,836,455.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BAC. Piper Sandler dropped their target price on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday. Morgan Stanley increased their price target on shares of Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Bank of America in a research report on Tuesday, September 12th. StockNews.com began coverage on shares of Bank of America in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, HSBC initiated coverage on shares of Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average price target of $35.98.

Bank of America Stock Down 1.2 %

Shares of BAC opened at $28.84 on Monday. The company has a market capitalization of $229.17 billion, a PE ratio of 8.29, a PEG ratio of 1.22 and a beta of 1.37. The stock’s 50-day moving average price is $29.98 and its two-hundred day moving average price is $29.22. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The business had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the prior year, the business posted $0.73 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, August 31st. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.33%. Bank of America’s dividend payout ratio is 27.59%.

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. 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.