Alpha Omega Wealth Management LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

Alpha Omega Wealth Management LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,908 shares of the financial services provider’s stock after selling 895 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Bank of America were worth $973,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC acquired a new stake in shares of Bank of America in the first quarter valued at $28,000. Strategic Investment Solutions Inc. IL purchased a new position in Bank of America in the first quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on BAC shares. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. BMO Capital Markets decreased their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Finally, Jefferies Financial Group upped their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.95 during midday trading on Wednesday, hitting $35.63. The company had a trading volume of 34,759,518 shares, compared to its average volume of 41,099,602. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The business has a 50-day simple moving average of $35.51 and a two-hundred day simple moving average of $32.19. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The firm has a market capitalization of $281.14 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Bank of America Company Profile

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.