One Wealth Advisors LLC Has $700,000 Stock Holdings in Bank of America Corporation (NYSE:BAC)

One Wealth Advisors LLC boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 72.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,768 shares of the financial services provider's stock after purchasing an additional 7,052 shares during the period. One Wealth Advisors LLC's holdings in Bank of America were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors increased its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Northern Trust Corp increased its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Bank of America by 39.6% during the 4th quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock worth $1,457,031,000 after purchasing an additional 9,409,076 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BAC. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Stock Performance

NYSE BAC traded up $0.08 on Friday, hitting $48.47. The stock had a trading volume of 24,453,044 shares, compared to its average volume of 43,373,284. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a market cap of $365.09 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.89 and a beta of 1.30. The company's 50-day moving average is $45.91 and its two-hundred day moving average is $43.74.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.31%. Bank of America's dividend payout ratio is currently 30.41%.

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.