Bank of New York Mellon Corp Has $2.62 Billion Stock Holdings in Bank of America Co. (NYSE:BAC)

Bank of New York Mellon Corp increased its stake in Bank of America Co. (NYSE:BAC) by 4.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 59,613,837 shares of the financial services provider’s stock after purchasing an additional 2,806,927 shares during the quarter. Bank of America makes up 0.5% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 29th largest holding. Bank of New York Mellon Corp owned approximately 0.78% of Bank of America worth $2,620,028,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of BAC. Accent Capital Management LLC increased its position in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the period. Summit Global Investments grew its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Geode Capital Management LLC increased its position in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Clarendon Private LLC acquired a new position in Bank of America during the 4th quarter valued at $798,000. Finally, Baker Avenue Asset Management LP boosted its holdings in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley upped their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 0.7 %

Shares of BAC stock opened at $44.48 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $341.25 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 12-month low of $33.53 and a 12-month high of $48.08. The firm has a 50-day moving average price of $45.73 and a 200 day moving average price of $43.46.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 earnings per share. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 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.