Sound Income Strategies LLC Has $1.02 Million Stock Position in Bank of America Co. (NYSE:BAC)

Sound Income Strategies LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 14.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 hedge funds have also made changes to their positions in the company. Marino Stram & Associates LLC boosted its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares during the period. Traveka Wealth LLC lifted its holdings in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its stake in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. grew its holdings in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares in the last quarter. Finally, Gemmer Asset Management LLC increased its position in Bank of America by 1.8% during the 4th quarter. Gemmer Asset Management LLC now owns 13,183 shares of the financial services provider’s stock worth $579,000 after buying an additional 235 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Evercore ISI dropped their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Truist Financial boosted 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. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Up 1.4 %

Shares of NYSE BAC opened at $46.41 on Friday. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50 day moving average price is $45.81 and its 200-day moving average price is $42.55. The company has a market capitalization of $356.13 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts forecast 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.