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

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA grew its position in shares of Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after buying an additional 217 shares in the last quarter. Marino Stram & Associates LLC boosted its stake in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the last quarter. Keudell Morrison Wealth Management grew its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares in the last quarter. Traveka Wealth LLC increased its position in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC raised its stake in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Up 1.1 %

Shares of BAC stock opened at $46.73 on Wednesday. The firm has a market capitalization of $358.57 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The stock has a fifty day moving average of $45.81 and a two-hundred day moving average of $42.79.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. As a group, research analysts expect that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

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