Black Cypress Capital Management LLC Has $112,000 Position in Bank of America Co. (NYSE:BAC)

Black Cypress Capital Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 81.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,556 shares of the financial services provider's stock after selling 11,004 shares during the period. Bank of America accounts for about 0.1% of Black Cypress Capital Management LLC's investment portfolio, making the stock its 27th largest position. Black Cypress Capital Management LLC's holdings in Bank of America were worth $112,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of Bank of America in the 4th quarter valued at $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH lifted its position in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after buying an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after buying an additional 297,858 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Remove Ads

Analysts Set New Price Targets

BAC has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.20.

Bank of America Price Performance

Shares of BAC stock traded down $0.18 during trading on Wednesday, hitting $37.81. The company had a trading volume of 24,983,886 shares, compared to its average volume of 39,344,295. The stock's 50-day moving average price is $41.85 and its 200 day moving average price is $43.66. The firm has a market capitalization of $287.46 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Equities analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.75%. Bank of America's dividend payout ratio (DPR) is presently 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.