Udine Wealth Management Inc. Raises Holdings in Bank of America Co. (NYSE:BAC)

Udine Wealth Management Inc. boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 201,882 shares of the financial services provider’s stock after acquiring an additional 466 shares during the period. Bank of America comprises about 5.5% of Udine Wealth Management Inc.’s investment portfolio, making the stock its 7th biggest holding. Udine Wealth Management Inc.’s holdings in Bank of America were worth $7,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd increased its stake in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP acquired a new position in shares of Bank of America during the third quarter valued at approximately $177,970,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Finally, Evercore ISI lifted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $39.79.

Bank of America Stock Up 0.4 %

Shares of Bank of America stock traded up $0.17 on Monday, hitting $39.94. 13,161,104 shares of the company traded hands, compared to its average volume of 38,760,594. The company has a 50-day moving average price of $38.91 and a 200 day moving average price of $36.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.34. The company has a market cap of $312.35 billion, a PE ratio of 13.75, a PEG ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Bank of America 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.