Alpha Omega Wealth Management LLC Sells 904 Shares of Bank of America Co. (NYSE:BAC)

Alpha Omega Wealth Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the third quarter, Holdings Channel reports. The institutional investor owned 25,723 shares of the financial services provider’s stock after selling 904 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Bank of America were worth $1,021,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter valued at $27,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter worth $28,000. POM Investment Strategies LLC raised its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter valued at $30,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.0 %

NYSE BAC opened at $39.24 on Friday. The company’s 50-day moving average price is $39.39 and its 200-day moving average price is $39.10. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a market cap of $306.87 billion, a PE ratio of 13.58, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.65%. Bank of America’s dividend payout ratio is presently 35.99%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders sold a total of 147,650,481 shares of company stock worth $6,050,547,676 over the last three months. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley dropped their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Oppenheimer raised their target price on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.27.

About Bank of America

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.