Greenfield Savings Bank Increases Stake in Bank of America Co. (NYSE:BAC)

Greenfield Savings Bank raised its holdings in Bank of America Co. (NYSE:BAC) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 39,947 shares of the financial services provider’s stock after acquiring an additional 313 shares during the quarter. Greenfield Savings Bank’s holdings in Bank of America were worth $1,756,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter worth about $27,000. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc raised its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

Shares of Bank of America stock opened at $45.09 on Tuesday. The company has a fifty day moving average price of $45.61 and a 200 day moving average price of $42.27. The stock has a market cap of $345.97 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.27 and a twelve month 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.

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

Bank of America Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on BAC shares. Piper Sandler boosted their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Company 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.