Ellsworth Advisors LLC Has $1.15 Million Stock Position in Bank of America Co. (NYSE:BAC)

Ellsworth Advisors LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,071 shares of the financial services provider’s stock after purchasing an additional 2,081 shares during the period. Ellsworth Advisors LLC’s holdings in Bank of America were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC raised its holdings in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares during the period. Norges Bank bought a new stake in shares of Bank of America during the fourth quarter worth about $3,436,543,000. Northern Trust Corp increased its position in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC increased its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after acquiring an additional 746,756 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays boosted their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Oppenheimer reduced their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.11 on Friday, reaching $37.92. 42,262,527 shares of the company traded hands, compared to its average volume of 41,416,252. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.00. The company has a 50 day moving average of $34.47 and a 200 day moving average of $31.31. The firm has a market capitalization of $299.21 billion, a PE ratio of 12.35, a PEG ratio of 1.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same period in the prior year, the firm earned $0.85 EPS. The company’s revenue was down 10.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

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.