Good Life Advisors LLC Lowers Stock Position in Bank of America Corporation $BAC

Good Life Advisors LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 7.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 24,905 shares of the financial services provider’s stock after selling 2,047 shares during the quarter. Good Life Advisors LLC’s holdings in Bank of America were worth $1,179,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BAC. Wealth Advisory Solutions LLC boosted its stake in Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 214 shares during the period. Ballast Advisors LLC boosted its position in shares of Bank of America by 4.1% during the second quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 218 shares during the last quarter. Cyndeo Wealth Partners LLC boosted its position in shares of Bank of America by 0.8% during the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 221 shares during the last quarter. Centurion Wealth Management LLC grew its stake in Bank of America by 2.3% during the second quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares in the last quarter. Finally, Nova Wealth Management Inc. increased its holdings in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Piper Sandler boosted their target price on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup raised their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, November 6th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Trading Down 2.2%

Shares of NYSE BAC opened at $52.92 on Friday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business’s 50 day moving average is $51.57 and its two-hundred day moving average is $47.90. The stock has a market capitalization of $386.45 billion, a P/E ratio of 14.42, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the company earned $0.81 earnings per share. Bank of America’s revenue was up 10.8% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

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.