Zurcher Kantonalbank Zurich Cantonalbank Purchases 21,657 Shares of Bank of America Corporation (NYSE:BAC)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America by 0.5%, holding approximately 3,961,778 shares valued at $165.3 million.
• Bank of America recently declared a quarterly dividend increase to $0.28 per share, up from $0.26, representing an annualized yield of 2.31%.
• Analysts have mixed views on Bank of America's stock, with target prices ranging from $42.00 to $53.00 and a consensus rating of "Moderate Buy."

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 3,961,778 shares of the financial services provider's stock after acquiring an additional 21,657 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Bank of America worth $165,325,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. Virtu Financial LLC acquired a new position in Bank of America in the 4th quarter worth about $243,000. Fox Run Management L.L.C. acquired a new position in Bank of America in the 4th quarter worth about $219,000. Finally, Orion Portfolio Solutions LLC increased its holdings in Bank of America by 24.1% in the 4th quarter. Orion Portfolio Solutions LLC now owns 268,328 shares of the financial services provider's stock worth $11,793,000 after purchasing an additional 52,083 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cfra Research upped their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Oppenheimer upped their target price on Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Barclays lowered their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.13.

Bank of America Trading Up 0.8%

NYSE BAC traded up $0.38 during trading hours on Wednesday, hitting $48.33. 11,069,700 shares of the company's stock were exchanged, compared to its average volume of 42,860,348. The stock has a 50-day simple moving average of $46.05 and a 200 day simple moving average of $43.77. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The firm has a market cap of $364.00 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.88 and a beta of 1.30. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter last year, the firm posted $0.83 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.32%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

About Bank of America

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.