Zurcher Kantonalbank Zurich Cantonalbank Has $149.48 Million Stake in Bank of America Co. (NYSE:BAC)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bank of America Co. (NYSE:BAC) by 9.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,767,100 shares of the financial services provider’s stock after acquiring an additional 309,645 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of America were worth $149,479,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AMF Tjanstepension AB raised its stake in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Bank of America by 1,432.1% during the second 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 during the last quarter. International Assets Investment Management LLC raised its position in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Bank of America in the second quarter worth $127,252,000. Finally, Clearbridge Investments LLC boosted its holdings in shares of Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after buying an additional 3,109,197 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

Shares of BAC opened at $47.76 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $366.46 billion, a PE ratio of 17.37, a PEG ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.98. The stock has a 50 day simple moving average of $42.73 and a 200-day simple moving average of $40.87.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the transaction, the insider now owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The trade was a 0.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 77,946,615 shares of company stock valued at $3,152,226,690. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Finally, Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $44.26.

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.