Angeles Wealth Management LLC Has $1.73 Million Stake in Bank of America Co. (NYSE:BAC)

Angeles Wealth Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 54.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 39,350 shares of the financial services provider’s stock after purchasing an additional 13,861 shares during the period. Angeles Wealth Management LLC’s holdings in Bank of America were worth $1,729,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC boosted its holdings 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 worth $37,000 after buying an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $42,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $70,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $47.43 on Monday. The stock’s 50-day simple moving average is $45.77 and its 200 day simple moving average is $42.92. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $363.89 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.58.

About Bank of America

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.