Bank of America Co. (NYSE:BAC) Position Increased by Shelton Capital Management

Shelton Capital Management lifted its holdings in Bank of America Co. (NYSE:BAC) by 59.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 445,372 shares of the financial services provider’s stock after buying an additional 165,296 shares during the quarter. Shelton Capital Management’s holdings in Bank of America were worth $19,574,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $25,000. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $29,000. Highline Wealth Partners LLC grew its holdings in 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 worth $37,000 after buying an additional 510 shares in the last quarter. Finally, Mascoma Wealth Management LLC increased its position in Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 361 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Truist Financial lowered their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Price Performance

BAC opened at $35.58 on Tuesday. The firm has a market capitalization of $270.47 billion, a P/E ratio of 11.05, a PEG ratio of 1.21 and a beta of 1.24. The stock has a fifty day moving average of $43.51 and a 200-day moving average of $43.90. 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 Co. has a 12-month low of $33.54 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business earned $0.70 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is presently 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.