Bank of America Co. (NYSE:BAC) Position Cut by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 1.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 29,443 shares of the financial services provider’s stock after selling 418 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Bank of America were worth $1,250,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Bank of America by 0.8% during the second quarter. FMR LLC now owns 231,799,229 shares of the financial services provider’s stock valued at $9,557,082,000 after purchasing an additional 1,761,928 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 30.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 163,776,311 shares of the financial services provider’s stock worth $6,752,497,000 after acquiring an additional 38,319,182 shares during the period. Geode Capital Management LLC grew its holdings in Bank of America by 0.4% during the second quarter. Geode Capital Management LLC now owns 116,536,766 shares of the financial services provider’s stock worth $4,790,026,000 after acquiring an additional 497,399 shares during the period. Invesco Ltd. grew its holdings in Bank of America by 20.9% during the second quarter. Invesco Ltd. now owns 62,419,894 shares of the financial services provider’s stock worth $2,573,572,000 after acquiring an additional 10,783,612 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Bank of America by 9.4% during the second quarter. Nuveen Asset Management LLC now owns 52,409,868 shares of the financial services provider’s stock worth $2,160,858,000 after acquiring an additional 4,488,723 shares during the period. Institutional investors own 70.67% of the company’s stock.

A number of research analysts recently issued reports on BAC shares. Morgan Stanley lifted their target price on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a report on Thursday, July 29th. Robert W. Baird lowered Bank of America from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Barclays lifted their target price on Bank of America from $45.00 to $49.00 and gave the stock an “overweight” rating in a report on Friday, October 15th. Oppenheimer lifted their target price on Bank of America from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, October 15th. Finally, The Goldman Sachs Group raised their price objective on Bank of America from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, October 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Buy” and an average price target of $44.04.

Shares of Bank of America stock opened at $47.63 on Thursday. The stock has a 50-day simple moving average of $45.21 and a 200-day simple moving average of $42.33. Bank of America Co. has a 52-week low of $28.10 and a 52-week high of $48.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.74 and a quick ratio of 0.73. The firm has a market cap of $389.81 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 1.86 and a beta of 1.53.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.14. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The firm had revenue of $22.77 billion during the quarter, compared to analyst estimates of $21.60 billion. During the same period in the previous year, the company earned $0.51 EPS. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.49 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 3rd will be issued a $0.21 dividend. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 annualized dividend and a yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is currently 25.23%.

In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of Bank of America stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total value of $106,084.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Dean C. Athanasia sold 108,478 shares of Bank of America stock in a transaction that occurred on Friday, October 15th. The stock was sold at an average price of $45.77, for a total value of $4,965,038.06. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by insiders.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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