Cassady Schiller Wealth Management LLC Buys 327 Shares of Bank of America Co. (NYSE:BAC)

Cassady Schiller Wealth Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 42.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,102 shares of the financial services provider’s stock after purchasing an additional 327 shares during the period. Cassady Schiller Wealth Management LLC’s holdings in Bank of America were worth $48,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Amundi grew its holdings in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. Swedbank AB grew its holdings in Bank of America by 81.4% during the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV grew its holdings in Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

BAC opened at $40.97 on Monday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $311.45 billion, a PE ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50 day moving average of $45.19 and a two-hundred day moving average of $43.76.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the firm posted $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is 32.30%.

Bank of America 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.