Cassia Capital Partners LLC Takes $663,000 Position in Bank of America Co. (NYSE:BAC)

Cassia Capital Partners LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 15,086 shares of the financial services provider’s stock, valued at approximately $663,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its position in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the third quarter worth $45,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.1 %

Shares of NYSE:BAC opened at $46.73 on Wednesday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $358.57 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.26 and a beta of 1.33. The firm has a fifty day moving average price of $45.81 and a 200 day moving average price of $42.79.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BAC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.