Sound View Wealth Advisors Group LLC Buys 417 Shares of Bank of America Co. (NYSE:BAC)

Sound View Wealth Advisors Group LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,342 shares of the financial services provider’s stock after acquiring an additional 417 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Bank of America were worth $1,445,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Regal Wealth Group Inc. boosted its holdings in shares of Bank of America by 7.7% during the 1st quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock valued at $138,000 after buying an additional 253 shares in the last quarter. Family Legacy Inc. boosted its holdings in shares of Bank of America by 1.2% during the 1st quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock valued at $873,000 after buying an additional 264 shares in the last quarter. IMS Capital Management boosted its holdings in shares of Bank of America by 1.6% during the 1st quarter. IMS Capital Management now owns 17,274 shares of the financial services provider’s stock valued at $668,000 after buying an additional 277 shares in the last quarter. PDS Planning Inc boosted its holdings in shares of Bank of America by 2.7% during the 1st quarter. PDS Planning Inc now owns 10,744 shares of the financial services provider’s stock valued at $416,000 after buying an additional 285 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its holdings in shares of Bank of America by 3.7% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider’s stock valued at $268,000 after buying an additional 312 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a research report on Friday, April 9th. Smith Barney Citigroup raised Bank of America from a “neutral” rating to a “buy” rating in a research report on Monday, January 11th. Piper Sandler lifted their price target on Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 11th. UBS Group set a $30.00 price target on Bank of America and gave the stock a “neutral” rating in a research report on Tuesday, January 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, April 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Bank of America presently has an average rating of “Buy” and an average price target of $38.26.

BAC stock traded down $0.40 during midday trading on Tuesday, hitting $40.16. The company’s stock had a trading volume of 1,049,044 shares, compared to its average volume of 54,064,039. Bank of America Co. has a 12 month low of $20.10 and a 12 month high of $41.13. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $346.47 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The company has a 50 day moving average of $39.07 and a two-hundred day moving average of $32.43.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.21. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.67 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS. On average, analysts anticipate that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Tuesday, January 19th that permits the company to buyback $2.90 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 annualized dividend and a dividend yield of 1.79%. Bank of America’s dividend payout ratio (DPR) is 24.49%.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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