Elgethun Capital Management Increases Holdings in Bank of America Co. (NYSE:BAC)

Elgethun Capital Management raised its stake in Bank of America Co. (NYSE:BAC) by 16.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,472 shares of the financial services provider’s stock after purchasing an additional 932 shares during the quarter. Elgethun Capital Management’s holdings in Bank of America were worth $284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Twin Capital Management Inc. lifted its position in Bank of America by 1.1% during the 4th quarter. Twin Capital Management Inc. now owns 114,206 shares of the financial services provider’s stock worth $5,019,000 after acquiring an additional 1,231 shares in the last quarter. Employees Retirement System of Texas raised its stake in shares of Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock valued at $69,640,000 after purchasing an additional 17,880 shares during the period. Polymer Capital Management US LLC acquired a new position in shares of Bank of America during the fourth quarter worth $756,000. Sierra Summit Advisors LLC grew its holdings in Bank of America by 16.1% during the 4th quarter. Sierra Summit Advisors LLC now owns 28,411 shares of the financial services provider’s stock valued at $1,249,000 after purchasing an additional 3,945 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Bank of America by 27.0% during the 4th quarter. Federated Hermes Inc. now owns 5,085,640 shares of the financial services provider’s stock worth $223,514,000 after buying an additional 1,080,789 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial reduced their target price on Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research note on Friday. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Price Performance

Shares of BAC opened at $34.37 on Monday. The firm has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock’s fifty day moving average is $43.74 and its 200-day moving average is $43.94. Bank of America Co. has a one year low of $32.70 and a one year high of $48.08. 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 (NYSE:BAC) last issued its quarterly 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 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

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