Cascade Investment Group Inc. Acquires 466 Shares of Bank of America Co. (NYSE:BAC)

Cascade Investment Group Inc. lifted its stake in Bank of America Co. (NYSE:BAC) by 5.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,443 shares of the financial services provider’s stock after acquiring an additional 466 shares during the period. Cascade Investment Group Inc.’s holdings in Bank of America were worth $371,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Edgestream Partners L.P. bought a new stake in shares of Bank of America during the second quarter worth $257,000. Benjamin F. Edwards & Company Inc. raised its position in Bank of America by 7.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after purchasing an additional 6,385 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Bank of America by 2.7% during the 2nd quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock worth $19,271,000 after buying an additional 12,611 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in Bank of America by 186.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,881 shares of the financial services provider’s stock valued at $2,660,000 after buying an additional 43,552 shares during the last quarter. Finally, Hancock Whitney Corp increased its stake in shares of Bank of America by 0.6% in the 2nd quarter. Hancock Whitney Corp now owns 90,518 shares of the financial services provider’s stock valued at $3,600,000 after buying an additional 508 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $46.54 on Monday. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The firm’s 50-day simple moving average is $45.79 and its two-hundred day simple moving average is $42.43. The firm has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus 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.