Udine Wealth Management Inc. Buys 316 Shares of Bank of America Corporation $BAC

Udine Wealth Management Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 218,149 shares of the financial services provider’s stock after buying an additional 316 shares during the quarter. Bank of America comprises about 6.1% of Udine Wealth Management Inc.’s investment portfolio, making the stock its 6th biggest position. Udine Wealth Management Inc.’s holdings in Bank of America were worth $10,323,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BAC. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Unisphere Establishment lifted its stake in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $164,623,000. Maverick Capital Ltd. purchased a new position in shares of Bank of America during the 1st quarter worth $152,098,000. Finally, AMF Tjanstepension AB lifted its stake in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 2.4%

Shares of BAC opened at $48.62 on Friday. The stock’s fifty day simple moving average is $49.61 and its 200 day simple moving average is $45.52. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The firm has a market capitalization of $360.12 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the company posted $0.83 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is 32.75%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on BAC shares. Deutsche Bank Aktiengesellschaft increased their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Robert W. Baird reissued a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Citigroup increased their price target on Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Evercore ISI increased their price target on Bank of America from $49.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.64.

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.