OneAscent Wealth Management LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

OneAscent Wealth Management LLC reduced its position in Bank of America Co. (NYSE:BAC) by 2.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,793 shares of the financial services provider’s stock after selling 458 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Bank of America were worth $755,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the last quarter. Chemistry Wealth Management LLC boosted its position in shares of Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC increased its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group raised its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares in the last quarter. Finally, Private Ocean LLC lifted its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $37.00 to $46.00 in a report on Friday, June 14th. HSBC reissued a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 1.3 %

Bank of America stock traded up $0.52 during trading on Friday, hitting $39.77. The company’s stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The stock’s fifty day moving average is $38.91 and its 200 day moving average is $36.06. 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 Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The stock has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.50 and a beta of 1.36.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. Bank of America’s dividend payout ratio is presently 33.22%.

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.