Zurcher Kantonalbank Zurich Cantonalbank Has $173.17 Million Stock Position in Bank of America Co. (NYSE:BAC)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America Co. (NYSE:BAC) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,940,121 shares of the financial services provider’s stock after purchasing an additional 173,021 shares during the period. Bank of America comprises about 0.5% of Zurcher Kantonalbank Zurich Cantonalbank’s holdings, making the stock its 26th largest position. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of America were worth $173,168,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BAC. Amundi raised its holdings in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB boosted its position in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the period. KBC Group NV grew its stake in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in Bank of America by 193.4% in the 3rd 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 purchasing an additional 5,015,378 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $41.39 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $45.61 and a 200 day simple moving average of $43.75. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The firm has a market cap of $314.72 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research report on Friday. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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.