Caz Investments LP Purchases Shares of 18,300 Bank of America Corp (NYSE:BAC)

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Caz Investments LP purchased a new stake in shares of Bank of America Corp (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,300 shares of the financial services provider’s stock, valued at approximately $389,000. Bank of America comprises 1.0% of Caz Investments LP’s portfolio, making the stock its 21st largest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. First Merchants Corp grew its holdings in shares of Bank of America by 33.4% in the fourth quarter. First Merchants Corp now owns 12,766 shares of the financial services provider’s stock worth $450,000 after purchasing an additional 3,198 shares during the last quarter. CFM Wealth Partners LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $412,000. Smead Capital Management Inc. grew its holdings in shares of Bank of America by 1.7% in the fourth quarter. Smead Capital Management Inc. now owns 2,994,105 shares of the financial services provider’s stock worth $105,452,000 after purchasing an additional 51,079 shares during the last quarter. CCG Wealth Management LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $224,000. Finally, Concorde Asset Management LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $200,000. Institutional investors and hedge funds own 69.26% of the company’s stock.

Shares of BAC traded up $0.48 during trading hours on Monday, hitting $24.60. The company had a trading volume of 48,886,707 shares, compared to its average volume of 69,804,120. The firm has a fifty day moving average price of $23.01 and a 200-day moving average price of $29.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $214.24 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 2.33 and a beta of 1.58. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.20). The company had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $22.58 billion. Bank of America had a return on equity of 10.64% and a net margin of 21.64%. Bank of America’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 EPS. Research analysts anticipate that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, June 4th. Bank of America’s dividend payout ratio is presently 24.49%.

Several research analysts have recently issued reports on BAC shares. UBS Group raised their target price on shares of Bank of America from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Wolfe Research lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 25th. Oppenheimer raised their price target on Bank of America from $30.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, May 12th. Finally, Goldman Sachs Group raised Bank of America from a “neutral” rating to a “buy” rating in a research note on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $29.42.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Beta

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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