Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America Corporation (NYSE:BAC) by 15.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,366,657 shares of the financial services provider’s stock after buying an additional 448,230 shares during the period. Bank of America Corporation comprises 0.8% of Zurcher Kantonalbank Zurich Cantonalbank’s holdings, making the stock its 18th largest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of America Corporation were worth $79,419,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in BAC. Glassman Wealth Services raised its position in Bank of America Corporation by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock valued at $316,000 after buying an additional 100 shares during the period. Sandhill Capital Partners LLC raised its position in Bank of America Corporation by 4.1% in the fourth quarter. Sandhill Capital Partners LLC now owns 862,984 shares of the financial services provider’s stock valued at $19,072,000 after buying an additional 34,227 shares during the period. E&G Advisors LP raised its position in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock valued at $1,825,000 after buying an additional 11,435 shares during the period. Adirondack Trust Co. raised its position in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares during the period. Finally, Banco Santander S.A. bought a new position in Bank of America Corporation during the fourth quarter valued at approximately $13,600,000. 66.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corporation (NYSE BAC) traded up 0.57% during mid-day trading on Wednesday, hitting $24.59. The stock had a trading volume of 55,228,458 shares. The firm’s 50-day moving average price is $24.01 and its 200 day moving average price is $23.69. The stock has a market cap of $258.60 billion, a price-to-earnings ratio of 14.57 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.10 and a 12-month high of $25.80.
Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.41 EPS. Equities analysts forecast that Bank of America Corporation will post $1.82 EPS for the current fiscal year.
Bank of America Corporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.
BAC has been the topic of several recent research reports. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Thursday, April 6th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, April 19th. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Credit Suisse Group reissued a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Finally, BMO Capital Markets reissued a “hold” rating and set a $21.00 price target on shares of Bank of America Corporation in a research report on Tuesday, April 11th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.74.
Bank of America Corporation Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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