Omnia Family Wealth LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Omnia Family Wealth LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,659 shares of the financial services provider’s stock after selling 801 shares during the period. Omnia Family Wealth LLC’s holdings in Bank of America were worth $527,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Northern Trust Corp boosted its position in Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares during the period. Barclays PLC boosted its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares during the period. California Public Employees Retirement System boosted its position in Bank of America by 5.9% during the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after purchasing an additional 1,250,096 shares during the period. Finally, Pzena Investment Management LLC boosted its position in Bank of America by 28.7% during the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after purchasing an additional 4,335,882 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Bank of America stock traded down $0.08 during mid-day trading on Friday, reaching $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The company has a 50-day moving average price of $36.13 and a two-hundred day moving average price of $32.76. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. Bank of America’s revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Bank of America Co. will post 3.19 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 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Barclays raised their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.53.

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.