Kazazian Asset Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Kazazian Asset Management LLC purchased a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 15,879 shares of the financial services provider’s stock, valued at approximately $698,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the 4th quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Mascoma Wealth Management LLC boosted its stake in Bank of America by 68.2% in the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America in the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Truist Financial lifted 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 raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Stock Performance

Shares of BAC opened at $41.61 on Wednesday. The company has a market capitalization of $316.37 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 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’s fifty day moving average price is $45.02 and its 200 day moving average price is $43.78.

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. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. As a group, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.