Sound Income Strategies LLC Sells 4,056 Shares of Bank of America Co. (NYSE:BAC)

Sound Income Strategies LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 14.9% in the 4th quarter, HoldingsChannel reports. The firm owned 23,159 shares of the financial services provider’s stock after selling 4,056 shares during the quarter. Sound Income Strategies LLC’s holdings in Bank of America were worth $1,018,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC lifted its holdings in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its position in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

NYSE BAC opened at $46.41 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $356.13 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The firm’s 50-day simple moving average is $45.81 and its two-hundred day simple moving average is $42.55.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

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.