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
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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.
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