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8,036 Shares in Bank of America Co. (NYSE:BAC) Purchased by Cache Advisors LLC

Bank of America logo with Finance background

Cache Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 8,036 shares of the financial services provider's stock, valued at approximately $353,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WCG Wealth Advisors LLC increased its holdings in Bank of America by 4.4% during the fourth quarter. WCG Wealth Advisors LLC now owns 108,488 shares of the financial services provider's stock worth $4,768,000 after buying an additional 4,544 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Bank of America during the fourth quarter worth $124,889,000. Pacific Point Advisors LLC acquired a new position in Bank of America during the fourth quarter worth $748,000. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Finally, Helium Advisors LLC acquired a new position in Bank of America during the fourth quarter worth $281,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock traded up $1.00 during trading on Tuesday, reaching $44.20. The company's stock had a trading volume of 33,499,652 shares, compared to its average volume of 39,770,080. The business's 50-day moving average price is $40.36 and its 200-day moving average price is $43.58. The firm has a market cap of $332.91 billion, a PE ratio of 13.73, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America's dividend payout ratio is 30.95%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price 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. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Royal Bank of Canada lowered their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.50.

View Our Latest Stock Report on BAC

Bank of America Profile

(Free Report)

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.

See Also

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

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