Cypress Asset Management Inc. TX Invests $517,000 in Bank of America Co. (NYSE:BAC)

Cypress Asset Management Inc. TX purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 15,357 shares of the financial services provider’s stock, valued at approximately $517,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Rossmore Private Capital boosted its stake in Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC boosted its stake in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group boosted its stake in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares in the last quarter. Private Ocean LLC boosted its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. boosted its stake in Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after buying an additional 334 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. BMO Capital Markets increased their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently 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 midday trading on Friday, reaching $39.63. 12,851,760 shares of the stock were exchanged, compared to its average volume of 39,186,375. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $309.92 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.76 and a beta of 1.37. The firm has a 50 day simple moving average of $37.45 and a 200-day simple moving average of $34.26. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $39.84.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. Research analysts forecast that Bank of America Co. will post 3.23 EPS for the current year.

Bank of America Dividend Announcement

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

About Bank of America

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.