Bank of America Co. (NYSE:BAC) Holdings Increased by Udine Wealth Management Inc.

Udine Wealth Management Inc. lifted its position in Bank of America Co. (NYSE:BAC - Free Report) by 6.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 217,833 shares of the financial services provider's stock after purchasing an additional 13,286 shares during the quarter. Bank of America accounts for about 6.1% of Udine Wealth Management Inc.'s holdings, making the stock its 6th largest holding. Udine Wealth Management Inc.'s holdings in Bank of America were worth $9,090,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Collier Financial purchased a new stake in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter valued at $29,000. Finally, Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter valued at $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.5%

BAC stock traded up $0.24 on Tuesday, reaching $45.11. 32,191,403 shares of the company traded hands, compared to its average volume of 39,753,160. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $339.73 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The firm has a fifty day simple moving average of $40.93 and a 200-day simple moving average of $43.46.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lowered their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.69.

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.