Bank of America Corporation (NYSE:BAC) Shares Acquired by Alta Advisers Ltd

Alta Advisers Ltd raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 49.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,856 shares of the financial services provider's stock after buying an additional 10,800 shares during the period. Bank of America comprises about 0.6% of Alta Advisers Ltd's portfolio, making the stock its 28th largest holding. Alta Advisers Ltd's holdings in Bank of America were worth $1,371,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new position in Bank of America during the fourth quarter worth about $60,679,000. Arizona State Retirement System grew its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Gradient Investments LLC raised its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH raised its holdings in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after acquiring an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Truist Financial cut their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.28.

Bank of America Trading Up 0.5%

Shares of NYSE:BAC traded up $0.23 during mid-day trading on Friday, reaching $48.94. 21,620,278 shares of the company were exchanged, compared to its average volume of 40,113,109. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm's 50-day simple moving average is $44.10 and its 200 day simple moving average is $43.42. The firm has a market cap of $368.61 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

Bank of America 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.