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

Signal Advisors Wealth LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 0.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 33,908 shares of the financial services provider’s stock after selling 274 shares during the quarter. Signal Advisors Wealth LLC’s holdings in Bank of America were worth $1,490,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bank of America during the 3rd quarter valued at approximately $174,858,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial assumed coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Oppenheimer reduced their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Down 0.0 %

NYSE BAC opened at $45.09 on Tuesday. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The stock has a market capitalization of $345.97 billion, a P/E ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. The firm’s 50-day moving average is $45.61 and its two-hundred day moving average is $42.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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.