Cassaday & Co Wealth Management LLC Acquires 652 Shares of Bank of America Co. (NYSE:BAC)

Cassaday & Co Wealth Management LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,644 shares of the financial services provider’s stock after buying an additional 652 shares during the quarter. Cassaday & Co Wealth Management LLC’s holdings in Bank of America were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Collier Financial purchased a new stake in Bank of America in the 4th quarter worth $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank bought a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew 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 valued at $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in Bank of America in the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Oppenheimer lifted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Bank of America stock opened at $45.31 on Friday. Bank of America Co. has a 52-week low of $33.17 and a 52-week high of $48.08. The firm has a market capitalization of $347.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.24 and a beta of 1.33. The stock has a fifty day moving average price of $45.77 and a two-hundred day moving average price of $43.27. 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 (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share 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 the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio is 32.30%.

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.