Cypress Asset Management Inc. TX Acquires New Holdings in Bank of America Co. (NYSE:BAC)

Cypress Asset Management Inc. TX bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 16,782 shares of the financial services provider's stock, valued at approximately $751,000.

Several other hedge funds have also recently bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America during the fourth quarter worth $30,000. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Up 0.0%

Shares of NYSE:BAC traded up $0.02 during trading on Thursday, reaching $44.08. 14,782,091 shares of the stock traded hands, compared to its average volume of 39,701,660. The stock has a market cap of $332.02 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50-day moving average of $40.42 and a two-hundred day moving average of $43.59. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

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.