Cypress Wealth Services LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Cypress Wealth Services LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,755 shares of the financial services provider’s stock after buying an additional 608 shares during the quarter. Cypress Wealth Services LLC’s holdings in Bank of America were worth $517,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Accent Capital Management LLC grew its position in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments lifted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its stake in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. acquired a new position in Bank of America in the 3rd quarter valued at $550,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Truist Financial assumed coverage on Bank of America in a report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective on the stock. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a report on Monday, December 9th. Oppenheimer reduced their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Evercore ISI raised their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.18.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.65 on Friday. The firm has a market cap of $357.91 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $45.72 and a 200 day simple moving average of $42.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

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.