Sound Income Strategies LLC Decreases Position in Bank of America Co. (NYSE:BAC)

Sound Income Strategies LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 7.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,384 shares of the financial services provider’s stock after selling 544 shares during the quarter. Sound Income Strategies LLC’s holdings in Bank of America were worth $242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rossmore Private Capital lifted its holdings in shares of Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group raised its stake in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC raised its stake in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. Finally, Selective Wealth Management Inc. increased its position in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BAC shares. Oppenheimer boosted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Finally, Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Trading Down 1.0 %

Shares of NYSE:BAC traded down $0.38 during trading on Wednesday, reaching $39.00. The stock had a trading volume of 44,306,356 shares, compared to its average volume of 38,931,496. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.34. The business has a fifty day moving average price of $38.71 and a 200-day moving average price of $35.95. The stock has a market cap of $304.99 billion, a P/E ratio of 13.51, a PEG ratio of 1.50 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.