Bank of America Co. (NYSE:BAC) Stock Holdings Lifted by Elgethun Capital Management

Elgethun Capital Management lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 16.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,472 shares of the financial services provider’s stock after acquiring 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 reporting period.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its holdings in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the period. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp boosted its stake in Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. Fisher Asset Management LLC grew its position in Bank of America by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in 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 purchasing an additional 297,858 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BAC shares. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Price Performance

Shares of NYSE:BAC opened at $34.37 on Monday. Bank of America Co. has a twelve month low of $32.70 and a twelve month high of $48.08. The business has a 50 day moving average price of $43.74 and a 200 day moving average price of $43.94. The company has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

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.