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

Alpha Omega Wealth Management LLC grew its stake in Bank of America Co. (NYSE:BAC) by 18.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,716 shares of the financial services provider’s stock after acquiring an additional 4,540 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Bank of America were worth $1,240,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its stake in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $5,226,989,000. Capital World Investors lifted its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on BAC shares. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Up 0.5%

BAC stock opened at $45.11 on Wednesday. The company’s 50 day moving average price is $40.93 and its 200 day moving average price is $43.46. The firm has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

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.