Bank of America Co. (NYSE:BAC) Shares Sold by Udine Wealth Management Inc.

Udine Wealth Management Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 1.6% during the fourth quarter, HoldingsChannel.com reports. 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 about 5.8% of Udine Wealth Management Inc.’s holdings, making the stock its 6th biggest holding. Udine Wealth Management Inc.’s holdings in Bank of America were worth $8,990,000 at the end of the most recent quarter.

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

Bank of America Trading Down 0.2 %

BAC stock opened at $46.54 on Friday. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The company has a market capitalization of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company’s 50-day simple moving average is $45.79 and its 200 day simple moving average is $42.42. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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

Analysts Set New Price Targets

Several research firms have issued reports on BAC. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Barclays raised their target price 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.