Bank of America Corp DE Has $73.90 Million Stake in Life Time Group Holdings, Inc. $LTH

Key Points

• Bank of America reduced its Life Time Group stake by 11.3% in the first quarter, selling 348,945 shares but retaining 2.74 million shares worth approximately $73.9 million. Institutional investors collectively own 79.4% of the company.
• Life Time Group reported quarterly earnings of $0.48 per share, beating estimates of $0.37, while revenue rose 13.7% year over year to $866 million. Analysts maintain a consensus “Buy” rating with an average price target of $53.77.
• Company insiders have been selling shares, including the CEO and executive vice president, contributing to $396.1 million in insider sales over the past 90 days.

Bank of America Corp DE cut its position in shares of Life Time Group Holdings, Inc. (NYSE:LTH - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,742,998 shares of the company's stock after selling 348,945 shares during the quarter. Bank of America Corp DE owned about 1.23% of Life Time Group worth $73,896,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Wexford Capital LP bought a new stake in Life Time Group during the third quarter valued at $40,000. EverSource Wealth Advisors LLC boosted its position in shares of Life Time Group by 201.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,499 shares of the company's stock valued at $45,000 after purchasing an additional 1,002 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Life Time Group during the fourth quarter worth approximately $73,000. Phillip James Consulting Co. acquired a new stake in Life Time Group during the first quarter worth approximately $91,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in Life Time Group by 13.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,119 shares of the company's stock worth $163,000 after purchasing an additional 717 shares in the last quarter. Institutional investors own 79.40% of the company's stock.

Life Time Group Trading Up 0.2%

Shares of Life Time Group stock opened at $43.88 on Monday. The stock has a market capitalization of $9.81 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 1.61 and a beta of 1.50. Life Time Group Holdings, Inc. has a 52 week low of $24.14 and a 52 week high of $47.24. The stock has a 50 day moving average price of $39.59 and a two-hundred day moving average price of $32.54. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.56 and a current ratio of 0.66.

Life Time Group (NYSE:LTH - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.11. Life Time Group had a return on equity of 10.56% and a net margin of 13.07%.The company had revenue of $866.00 million for the quarter, compared to analyst estimates of $845.75 million. During the same period in the prior year, the firm earned $0.37 earnings per share. Life Time Group's revenue for the quarter was up 13.7% on a year-over-year basis. As a group, equities analysts anticipate that Life Time Group Holdings, Inc. will post 1.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. KeyCorp boosted their price target on Life Time Group from $40.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Bank of America reiterated a "buy" rating and issued a $51.00 price objective on shares of Life Time Group in a research note on Friday, July 31st. Morgan Stanley boosted their target price on shares of Life Time Group from $38.00 to $39.00 and gave the company an "overweight" rating in a research report on Thursday, May 14th. Mizuho increased their target price on shares of Life Time Group from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Finally, Wells Fargo & Company raised their price target on shares of Life Time Group from $46.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $53.77.

Insider Buying and Selling at Life Time Group

In other Life Time Group news, CEO Bahram Akradi sold 438,257 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $45.03, for a total transaction of $19,734,712.71. Following the transaction, the chief executive officer owned 3,615,086 shares in the company, valued at approximately $162,787,322.58. This represents a 10.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Eric J. Buss sold 479,240 shares of Life Time Group stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $44.97, for a total transaction of $21,551,422.80. Following the transaction, the executive vice president owned 474,008 shares of the company's stock, valued at $21,316,139.76. This represents a 50.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,346,029 shares of company stock worth $396,108,368 in the last ninety days. 13.30% of the stock is currently owned by corporate insiders.

Life Time Group Company Profile

Life Time Group NYSE: LTH is a premier operator of health, fitness and lifestyle centers across North America. The company's core business encompasses the development, ownership and management of premium athletic resorts that integrate state-of-the-art fitness facilities, group exercise studios, indoor and outdoor pools, running tracks, and spa and salon services. In addition to its brick-and-mortar clubs, Life Time offers a digital platform featuring on-demand and live-streamed workouts, personalized training programs and nutrition guidance, enabling members to pursue their wellness goals both at home and on the go.

Founded in 1992 and headquartered in Chanhassen, Minnesota, Life Time has grown from a single Minnesota health club into a network of more than 160 locations across the United States and Canada.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source