Sound Income Strategies LLC Has $1.26 Million Stake in Bank of America Corporation $BAC

Sound Income Strategies LLC grew its position in Bank of America Corporation (NYSE:BAC) by 22.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,714 shares of the financial services provider’s stock after buying an additional 4,831 shares during the quarter. 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 have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Fiduciary Alliance LLC lifted its stake in shares of Bank of America by 4.8% in the 1st quarter. Fiduciary Alliance LLC now owns 58,722 shares of the financial services provider’s stock valued at $2,450,000 after acquiring an additional 2,708 shares during the last quarter. Fragasso Financial Advisors Inc grew its position in Bank of America by 565.0% during the 1st quarter. Fragasso Financial Advisors Inc now owns 46,194 shares of the financial services provider’s stock worth $1,928,000 after acquiring an additional 39,248 shares during the last quarter. Sweeney & Michel LLC bought a new position in Bank of America in the first quarter valued at about $1,433,000. Finally, Gradient Investments LLC grew its holdings in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Citigroup increased their price objective on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. The Goldman Sachs Group lifted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Morgan Stanley increased their target price on shares of Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.82.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $52.36 on Tuesday. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $387.83 billion, a PE ratio of 15.31, a P/E/G ratio of 2.02 and a beta of 1.34. The company’s fifty day simple moving average is $49.16 and its 200 day simple moving average is $45.05.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share 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. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About Bank of America

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.