O Shaughnessy Asset Management Increases Stake in Bank of America

O Shaughnessy Asset Management LLC has boosted its investment in shares of Bank of America Co. (NYSE:BAC) by 4.0% during the fourth quarter, as revealed in its latest filing with the Securities and Exchange Commission (SEC). After acquiring an additional 43,531 shares during this period, the institutional investor now holds a total of 1,130,368 shares of the financial services company.

As per the recent data, O Shaughnessy Asset Management LLC's stake in Bank of America is valued at approximately $49,680,000.

Other institutional investors and hedge funds have also made adjustments to their positions in Bank of America. Graney & King LLC purchased a new position in the company worth $25,000 in the fourth quarter. Similarly, Collier Financial and Fairway Wealth LLC acquired positions each valued at around $25,000 and $29,000, respectively. Highline Wealth Partners LLC significantly increased its shares by 152.7%, owning 844 shares valued at $37,000 after buying an additional 510 shares. Moreover, Mascoma Wealth Management LLC expanded its holdings in the bank by 68.2%, resulting in ownership of 890 shares worth $39,000.

Currently, around 70.71% of Bank of America's shares are owned by institutional investors and hedge funds.

Wall Street Analyst Recommendations

Many analysts have revised their positions on BAC recently. For instance, Truist Financial raised its price target from $52.00 to $53.00, giving the stock a "buy" rating. UBS Group upgraded Bank of America's rating from "neutral" to "buy," setting a new price target of $53.00. Robert W. Baird also upgraded the stock from "neutral" to "outperform", increasing its price objective from $45.00 to $50.00.

Piper Sandler, however, lowered its target price from $50.00 to $49.00 but maintained a "neutral" rating. Barclays raised its target price from $53.00 to $58.00, rating the stock as "overweight". The stock has received various ratings, with one analyst recommending a sell, six issuing a hold rating, sixteen advocating a buy, and three giving it a strong buy rating. As per MarketBeat.com, Bank of America holds an average rating of "Moderate Buy" with a consensus target price of $48.45.

Bank of America Stock Performance

The stock opened at $41.24 recently, showing a 50-day moving average price of $44.45 and a 200-day moving average price of $43.89. Over the past year, Bank of America has experienced a low of $34.15 and a high of $48.08, currently having a market cap of $313.50 billion, a price to earnings (PE) ratio of 12.81, and a price-to-earnings-growth (PEG) ratio of 1.21.

Bank of America released its quarterly earnings data on January 16th, reporting earnings of $0.82 per share, surpassing the consensus estimate by $0.05. The company's return on equity stood at 10.29% with a net margin of 14.10%. The revenue generated during this quarter amounted to $25.30 billion, outperforming analyst expectations of $25.12 billion.

Dividend Announcement by Bank of America

Recently, Bank of America also declared its quarterly dividend, which was paid out on March 28th. Shareholders on record as of March 7th received a dividend of $0.26, translating to an annualized dividend of $1.04, resulting in a dividend yield of 2.52%. Presently, the company's dividend payout ratio is 32.30%.

About Bank of America

Bank of America Corporation offers a wide range of banking and financial services through its various subsidiaries, catering to individual consumers, small to middle-market businesses, large corporations, institutional investors, and government entities around the globe. The company operates through four main segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Bank, Investment, Shares