Bank of America Corporation $BAC Shares Purchased by OneAscent Wealth Management LLC

OneAscent Wealth Management LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 7.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,624 shares of the financial services provider’s stock after buying an additional 1,279 shares during the period. OneAscent Wealth Management LLC’s holdings in Bank of America were worth $834,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nova Wealth Management Inc. grew its holdings in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $28,000. CGC Financial Services LLC lifted its stake in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in Bank of America during the second quarter valued at $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.38 on Friday. The firm has a market cap of $389.81 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The firm’s fifty day moving average is $51.28 and its 200-day moving average is $47.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.99.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is currently 30.52%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 target price (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Morgan Stanley raised their target price on Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday. Evercore ISI boosted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Finally, Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.