Bank of America Co. (NYSE:BAC) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,174,821 shares of the financial services provider’s stock after buying an additional 249,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of America were worth $106,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $25,000. Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Castleview Partners LLC purchased a new stake in Bank of America during the 1st quarter valued at about $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in Bank of America during the 1st quarter valued at about $34,000. Finally, ZRC Wealth Management LLC grew its stake in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, Oppenheimer lowered their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Trading Down 3.5 %

BAC stock traded down $1.26 during midday trading on Tuesday, hitting $34.69. 93,692,977 shares of the company’s stock were exchanged, compared to its average volume of 41,161,027. The business has a 50-day simple moving average of $35.48 and a two-hundred day simple moving average of $32.14. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $273.73 billion, a PE ratio of 11.31, a P/E/G ratio of 1.63 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same period last year, the business posted $0.85 earnings per share. Bank of America’s revenue was down 10.2% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

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.