PSI Advisors LLC Sells 2,693 Shares of Bank of America Corporation (NYSE:BAC)

PSI Advisors LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 40.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 3,940 shares of the financial services provider’s stock after selling 2,693 shares during the quarter. PSI Advisors LLC’s holdings in Bank of America were worth $164,000 at the end of the most recent reporting period.

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

Bank of America Price Performance

Shares of Bank of America stock opened at $44.22 on Wednesday. The business has a 50 day moving average of $41.83 and a 200 day moving average of $43.34. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company 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.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Finally, Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

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.