Souders Financial Advisors Sells 7,253 Shares of Bank of America Corporation (NYSE:BAC)

Souders Financial Advisors lessened its stake in Bank of America Corporation (NYSE:BAC) by 20.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,417 shares of the financial services provider's stock after selling 7,253 shares during the period. Souders Financial Advisors' holdings in Bank of America were worth $1,144,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Vega Investment Solutions acquired a new position in Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the 4th quarter worth $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after buying an additional 276 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BAC shares. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Argus lowered their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Cfra Research increased their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group raised their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Price Performance

Shares of NYSE BAC opened at $47.33 on Friday. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The stock has a market capitalization of $356.48 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. The firm's 50 day simple moving average is $45.53 and its 200-day simple moving average is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $0.83 EPS. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is currently 30.41%.

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.

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