Cypress Asset Management Inc. TX Buys Shares of 15,357 Bank of America Co. (NYSE:BAC)

Cypress Asset Management Inc. TX bought a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 15,357 shares of the financial services provider’s stock, valued at approximately $517,000.

A number of other large investors have also recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America in the 4th quarter valued at $3,734,407,000. Northern Trust Corp raised its position in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Barclays PLC raised its position in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock worth $1,267,666,000 after purchasing an additional 5,484,219 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Up 1.2 %

Shares of BAC traded up $0.46 during trading hours on Friday, hitting $39.63. The stock had a trading volume of 12,851,760 shares, compared to its average volume of 39,186,375. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $37.45 and a 200-day simple moving average of $34.26. The firm has a market capitalization of $309.92 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.76 and a beta of 1.37. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $39.84.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. Sell-side analysts predict that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.