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

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial bought a new position in shares of Bank of America in the 4th quarter worth $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter worth about $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America during the fourth quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Up 2.3%

Shares of BAC stock traded up $1.00 on Tuesday, reaching $44.20. 36,298,959 shares of the company were exchanged, compared to its average volume of 39,781,357. The company has a market cap of $332.91 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.21 and a beta of 1.27. The company has a 50-day moving average of $40.36 and a 200-day moving average of $43.58. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a one year low of $33.07 and a one year 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, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. 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 payout ratio is 30.95%.

Bank of America Company Profile

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.