Alpha Omega Wealth Management LLC Sells 547 Shares of Bank of America Co. (NYSE:BAC)

Alpha Omega Wealth Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,176 shares of the financial services provider’s stock after selling 547 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Bank of America were worth $1,106,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.25 on Friday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The stock has a fifty day simple moving average of $45.83 and a two-hundred day simple moving average of $42.79. The firm has a market cap of $354.84 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 earnings per share. Analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Piper Sandler dropped their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.