PSI Advisors LLC Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

PSI Advisors LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 40.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,940 shares of the financial services provider’s stock after selling 2,693 shares during the period. PSI Advisors LLC’s holdings in Bank of America were worth $164,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Graney & King LLC bought a new stake in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America during the fourth quarter worth $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.4%

Shares of BAC opened at $44.22 on Wednesday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The stock has a market cap of $333.08 billion, a PE ratio of 13.16, a P/E/G ratio of 1.20 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business’s 50-day moving average price is $41.83 and its 200-day moving average price is $43.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America’s payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Citigroup reduced their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America 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.