Signal Advisors Wealth LLC Purchases New Stake in Bank of America Co. (NYSE:BAC)

Signal Advisors Wealth LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the first quarter, Holdings Channel reports. The firm purchased 5,640 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Perpetual Ltd increased its position in Bank of America by 30.0% during the 1st quarter. Perpetual Ltd now owns 86,676 shares of the financial services provider’s stock valued at $3,287,000 after purchasing an additional 20,021 shares during the period. Welch Group LLC increased its position in Bank of America by 47.8% during the 1st quarter. Welch Group LLC now owns 40,294 shares of the financial services provider’s stock valued at $1,528,000 after purchasing an additional 13,028 shares during the period. Stolper Co increased its position in Bank of America by 0.4% during the 1st quarter. Stolper Co now owns 175,165 shares of the financial services provider’s stock valued at $6,642,000 after purchasing an additional 618 shares during the period. Collective Family Office LLC increased its position in Bank of America by 22.2% during the 1st quarter. Collective Family Office LLC now owns 7,967 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 1,445 shares during the period. Finally, Foster Group Inc. increased its position in Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 1,457 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Finally, Jefferies Financial Group upped their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $39.79.

Check Out Our Latest Research Report on Bank of America

Bank of America Stock Performance

BAC traded up $0.01 during midday trading on Thursday, hitting $40.00. 29,380,164 shares of the company traded hands, compared to its average volume of 38,744,590. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $312.81 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The company’s 50-day moving average is $38.46 and its 200 day moving average is $35.69. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.31.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

About Bank of America

(Free Report)

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.

See Also

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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