Cresset Asset Management LLC Purchases 67,974 Shares of Bank of America Corporation $BAC

Cresset Asset Management LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 5.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,327,177 shares of the financial services provider’s stock after purchasing an additional 67,974 shares during the period. Cresset Asset Management LLC’s holdings in Bank of America were worth $68,469,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Steph & Co. increased its position in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares during the period. Marquette Asset Management LLC bought a new position in Bank of America during the third quarter worth $30,000. Collier Financial acquired a new position in Bank of America during the 3rd quarter valued at $30,000. Mountain Hill Investment Partners Corp. bought a new stake in Bank of America in the 3rd quarter valued at $31,000. Finally, Wealth Preservation Advisors LLC grew its position in Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 223 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BAC. The Goldman Sachs Group upped their price objective on shares of Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Truist Financial reduced their price objective on Bank of America from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Argus lifted their price objective on Bank of America from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Finally, Oppenheimer raised their target price on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.30.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $49.97 on Wednesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $53.67 and its two-hundred day moving average price is $52.52. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The stock has a market capitalization of $358.62 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 1.21 and a beta of 1.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. During the same period last year, the business earned $0.82 earnings per share. The business’s revenue was up 12.3% on a year-over-year basis. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s dividend payout ratio is currently 29.24%.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.