Bank of America Corp (BAC) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank
Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Bank of America Corp (NYSE:BAC) by 23.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,701,390 shares of the financial services provider’s stock after acquiring an additional 691,548 shares during the period. Bank of America accounts for 0.9% of Zurcher Kantonalbank Zurich Cantonalbank’s holdings, making the stock its 13th largest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of America were worth $93,793,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of BAC. Brighton Jones LLC raised its position in Bank of America by 13.5% in the third quarter. Brighton Jones LLC now owns 61,611 shares of the financial services provider’s stock valued at $1,561,000 after purchasing an additional 7,338 shares during the period. Assetmark Inc. raised its position in Bank of America by 1,092.4% in the third quarter. Assetmark Inc. now owns 470,044 shares of the financial services provider’s stock valued at $11,911,000 after purchasing an additional 430,624 shares during the period. Sound Shore Management Inc. CT raised its position in Bank of America by 12.1% in the third quarter. Sound Shore Management Inc. CT now owns 10,121,051 shares of the financial services provider’s stock valued at $256,467,000 after purchasing an additional 1,092,839 shares during the period. Geneva Partners LLC purchased a new stake in Bank of America in the third quarter valued at $2,009,000. Finally, Pacer Advisors Inc. raised its position in Bank of America by 17.0% in the third quarter. Pacer Advisors Inc. now owns 283,290 shares of the financial services provider’s stock valued at $7,179,000 after purchasing an additional 41,149 shares during the period. 68.47% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have commented on BAC. Vetr downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.49 target price on the stock. in a research report on Friday. Royal Bank of Canada lifted their target price on Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. BMO Capital Markets lifted their target price on Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Vining Sparks restated a “buy” rating and issued a $34.00 target price on shares of Bank of America in a research report on Wednesday, January 17th. Finally, ValuEngine downgraded Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $29.87.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the previous year, the firm posted $0.40 EPS. Bank of America’s revenue for the quarter was up 3.5% on a year-over-year basis. analysts anticipate that Bank of America Corp will post 2.45 earnings per share for the current fiscal year.
Bank of America declared that its board has approved a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.50%. Bank of America’s payout ratio is 31.17%.
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Bank of America 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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