Sound Income Strategies LLC Grows Position in Bank of America Co. (NYSE:BAC)

14 Oct 2024, 10:58 by Mitch Edgeman · The Markets Daily

Sound Income Strategies LLC raised its position in Bank of America Co. (NYSE:BAC) by 9.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,215 shares of the financial services provider’s stock after acquiring an additional 2,436 shares during the quarter. Sound Income Strategies LLC’s holdings in Bank of America were worth $1,080,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in Bank of America in the second quarter valued at approximately $27,000. Livelsberger Financial Advisory acquired a new stake in Bank of America during the fourth quarter worth approximately $28,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $41.95 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50 day simple moving average of $39.41 and a 200-day simple moving average of $39.27. The company has a market cap of $328.06 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Check Out Our Latest Analysis on BAC

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

Bank of America Company Profile

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