EWG Elevate Inc. Takes $207,000 Position in Bank of America Co. (NYSE:BAC)

EWG Elevate Inc. bought a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,715 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments lifted its position in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America during the 3rd quarter valued at $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial initiated coverage on shares of Bank of America in a research report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price target for the company. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

NYSE BAC opened at $45.09 on Tuesday. The company has a market cap of $345.97 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a fifty day simple moving average of $45.61 and a 200 day simple moving average of $42.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the business posted $0.90 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.