OneAscent Financial Services LLC Raises Stock Position in Bank of America Corporation (NYSE:BAC)

OneAscent Financial Services LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 131.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,724 shares of the financial services provider's stock after purchasing an additional 37,928 shares during the period. OneAscent Financial Services LLC's holdings in Bank of America were worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Finally, UBS Group lifted their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Trading Up 0.7%

Shares of Bank of America stock opened at $47.33 on Friday. The company has a fifty day simple moving average of $45.53 and a 200-day simple moving average of $43.64. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14. The stock has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. Bank of America's payout ratio is currently 30.41%.

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.

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