Udine Wealth Management Inc. Has $8.99 Million Stock Position in Bank of America Co. (NYSE:BAC)

Udine Wealth Management Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 204,547 shares of the financial services provider’s stock after selling 3,291 shares during the period. Bank of America makes up approximately 5.8% of Udine Wealth Management Inc.’s investment portfolio, making the stock its 6th largest holding. Udine Wealth Management Inc.’s holdings in Bank of America were worth $8,990,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter worth about $42,000. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI dropped their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

NYSE BAC opened at $46.54 on Friday. The stock has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The company’s 50-day simple moving average is $45.79 and its 200 day simple moving average is $42.42.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

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.