Omnia Family Wealth LLC Reduces Stake in Bank of America Co. (NYSE:BAC)

Omnia Family Wealth LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,659 shares of the financial services provider’s stock after selling 801 shares during the quarter. Omnia Family Wealth LLC’s holdings in Bank of America were worth $527,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Fortis Group Advisors LLC acquired a new stake in Bank of America during the third quarter valued at approximately $25,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc raised its stake in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. ZRC Wealth Management LLC raised its stake in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC raised its position in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Evercore ISI increased their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Down 0.2 %

Shares of NYSE:BAC traded down $0.08 during midday trading on Friday, hitting $37.83. 28,668,680 shares of the stock were exchanged, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $298.50 billion, a PE ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The business’s fifty day simple moving average is $36.13 and its two-hundred day simple moving average is $32.76.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

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.