Van ECK Associates Corp Has $2.90 Million Holdings in Bank of America Co. (NYSE:BAC)

Van ECK Associates Corp lifted its holdings in Bank of America Co. (NYSE:BAC) by 243.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,991 shares of the financial services provider’s stock after purchasing an additional 46,760 shares during the period. Van ECK Associates Corp’s holdings in Bank of America were worth $2,900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Channing Global Advisors LLC lifted its stake in shares of Bank of America by 43.1% in the 4th quarter. Channing Global Advisors LLC now owns 59,872 shares of the financial services provider’s stock valued at $2,631,000 after purchasing an additional 18,034 shares during the last quarter. Jmac Enterprises LLC raised its holdings in Bank of America by 3.5% in the 4th quarter. Jmac Enterprises LLC now owns 37,951 shares of the financial services provider’s stock worth $1,668,000 after acquiring an additional 1,273 shares during the period. Avidian Wealth Enterprises LLC raised its holdings in Bank of America by 3.1% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 31,493 shares of the financial services provider’s stock worth $1,384,000 after acquiring an additional 949 shares during the period. Kentucky Trust Co bought a new position in Bank of America in the 4th quarter worth $519,000. Finally, Viewpoint Capital Management LLC raised its holdings in Bank of America by 2.4% in the 4th quarter. Viewpoint Capital Management LLC now owns 164,919 shares of the financial services provider’s stock worth $7,248,000 after acquiring an additional 3,840 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.5 %

Shares of NYSE BAC opened at $45.31 on Friday. Bank of America Co. has a fifty-two week low of $33.17 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $347.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.26 and a beta of 1.33. The company’s 50 day simple moving average is $45.77 and its 200 day simple moving average is $43.27.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price 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.