Signal Advisors Wealth LLC Acquires 2,613 Shares of Bank of America Co. (NYSE:BAC)

Signal Advisors Wealth LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 7.7% in the 1st quarter, HoldingsChannel reports. The firm owned 36,521 shares of the financial services provider’s stock after buying an additional 2,613 shares during the quarter. Signal Advisors Wealth LLC’s holdings in Bank of America were worth $1,524,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of Bank of America during the fourth quarter worth $60,679,000. Arizona State Retirement System increased its position in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Gradient Investments LLC increased its position in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH increased its position in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4%

Shares of BAC stock opened at $45.01 on Friday. The stock has a 50 day moving average of $40.71 and a 200 day moving average of $43.50. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price on the stock. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.50.

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.