Angeles Wealth Management LLC Purchases 13,861 Shares of Bank of America Co. (NYSE:BAC)

Angeles Wealth Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 54.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,350 shares of the financial services provider’s stock after buying 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 reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Brown Miller Wealth Management LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $211,000. Mechanics Bank Trust Department lifted its holdings in shares of Bank of America by 7.6% during the third quarter. Mechanics Bank Trust Department now owns 31,198 shares of the financial services provider’s stock worth $1,238,000 after buying an additional 2,206 shares during the last quarter. City State Bank boosted its position in shares of Bank of America by 5.5% in the third quarter. City State Bank now owns 16,341 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 854 shares during the period. Cardinal Capital Management Inc. grew its stake in shares of Bank of America by 8.2% in the third quarter. Cardinal Capital Management Inc. now owns 8,432 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 642 shares during the last quarter. Finally, Retirement Planning Group LLC increased its position in Bank of America by 51.1% during the third quarter. Retirement Planning Group LLC now owns 7,672 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 2,596 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.7 %

Shares of BAC opened at $47.43 on Monday. The business’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 one year low of $32.35 and a one year high of $48.08. The company has a market capitalization of $363.89 billion, a P/E ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid 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 of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.