Bank of America Co. (NYSE:BAC) Stock Position Lifted by OneAscent Financial Services LLC

OneAscent Financial Services LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,990 shares of the financial services provider’s stock after purchasing an additional 416 shares during the quarter. OneAscent Financial Services LLC’s holdings in Bank of America were worth $1,030,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Bank of America during the fourth quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC raised its holdings in shares of Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares in the last quarter. Finally, Capital World Investors lifted its stake in Bank of America by 12.1% during the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock valued at $1,353,216,000 after purchasing an additional 4,338,679 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Oppenheimer boosted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 1.3 %

NYSE BAC opened at $39.77 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The firm’s fifty day simple moving average is $38.91 and its 200-day simple moving average is $36.10. The company has a market capitalization of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $0.94 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

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.