Cassaday & Co Wealth Management LLC Has $1.22 Million Holdings in Bank of America Co. (NYSE:BAC)

Cassaday & Co Wealth Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,644 shares of the financial services provider’s stock after purchasing 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 SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $42,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 1.5 %

Bank of America stock opened at $45.31 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.17 and a 12 month high of $48.08. The stock’s 50 day simple moving average is $45.77 and its two-hundred day simple moving average is $43.27. The firm has a market cap of $347.62 billion, a PE ratio of 14.07, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its 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 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.69 earnings per share 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. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. 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 report on Friday, January 17th. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One equities 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.