Sound Income Strategies LLC Purchases 4,831 Shares of Bank of America Corporation $BAC

Sound Income Strategies LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 22.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,714 shares of the financial services provider’s stock after buying an additional 4,831 shares during the period. Sound Income Strategies LLC’s holdings in Bank of America were worth $1,264,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Nova Wealth Management Inc. boosted its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Bank of America in the 1st quarter valued at $40,000. HighMark Wealth Management LLC boosted its stake in Bank of America by 233.6% in the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after buying an additional 743 shares in the last quarter. Cranbrook Wealth Management LLC grew its position in Bank of America by 41.2% in the first quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 306 shares during the period. Finally, Perkins Coie Trust Co raised its stake in Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 423 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $52.36 on Tuesday. The business’s 50-day moving average price is $49.16 and its two-hundred day moving average price is $45.05. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a market capitalization of $387.83 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.83 earnings per share. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 32.75%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 23rd. Wells Fargo & Company boosted their price target on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.82.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

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.