O Shaughnessy Asset Management LLC Acquires Additional Shares in Bank of America

O Shaughnessy Asset Management LLC has increased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 4.0% during the fourth quarter, as revealed in their latest filing with the Securities and Exchange Commission. Following the acquisition of an additional 43,531 shares, the institutional investor now owns a total of 1,130,368 shares of the financial services company.

As of the most recent filing, O Shaughnessy Asset Management LLC's holdings in Bank of America are valued at approximately $49,680,000.

In addition to O Shaughnessy Asset Management, several other institutional investors have also adjusted their positions in Bank of America recently. For example, Graney & King LLC and Collier Financial both established new positions in the fourth quarter, each valued at around $25,000. Fairway Wealth LLC made a new investment valued at approximately $29,000 during the same period.

Highline Wealth Partners LLC significantly boosted its stake by 152.7%, now holding 844 shares worth about $37,000 after purchasing an additional 510 shares in the last quarter. Similarly, Mascoma Wealth Management LLC increased its investment by 68.2% during the fourth quarter and now owns 890 shares valued at $39,000 after acquiring an extra 361 shares.

Overall, institutional investors and hedge funds hold about 70.71% of Bank of America's stock.

Analysts Project Positive Growth for Bank of America

Recent evaluations from various brokerages indicate a positive outlook for Bank of America. Truist Financial recently raised its price target for the stock from $52.00 to $53.00, giving it a "buy" rating. UBS Group upgraded Bank of America from a "neutral" to a "buy" rating, also increasing their price target from $43.00 to $53.00.

In another report, Robert W. Baird elevated the stock's rating from "neutral" to "outperform," raising the price objective from $45.00 to $50.00. Additionally, Piper Sandler reduced their target price from $50.00 to $49.00 but maintained a "neutral" rating. Barclays, on the other hand, increased their target from $53.00 to $58.00 while rating it as "overweight." Currently, one analyst rates the stock as a sell, six as hold, sixteen as buy, and three as strong buy, resulting in an average rating of "Moderate Buy" and a consensus target price of $48.45.

Bank of America's Market Performance

The stock opened at $41.24 recently. Its 50-day moving average stands at $44.45, and the 200-day moving average is $43.89. Over the past year, Bank of America shares have ranged from a low of $34.15 to a high of $48.08, giving the company a market cap of $313.50 billion. The price-to-earnings ratio is currently at 12.81, with a price-to-earnings-growth ratio of 1.21.

The company reported its quarterly earnings on January 16, revealing earnings of $0.82 per share, which exceeded analysts' expectations of $0.77. Their return on equity was 10.29% with a net margin of 14.10%. Bank of America generated $25.30 billion in revenue, beating the anticipated $25.12 billion, marking a 15.0% year-over-year increase in revenue.

Bank of America Dividend Details

Bank of America also recently announced a quarterly dividend which was paid on March 28 to shareholders of record as of March 7. This dividend was set at $0.26, reflecting an annual dividend of $1.04 and a yield of 2.52%. The current dividend payout ratio stands at 32.30%.

Business Overview of Bank of America

Bank of America Corporation, through its various subsidiaries, offers a wide range of banking and financial services. These services are designed for individual consumers, small to medium-sized businesses, institutional investors, and large corporations worldwide. The company operates across four primary segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets.

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