Vontobel Holding Ltd. Purchases 25,549 Shares of Bank of America Corporation (NYSE:BAC)

Vontobel Holding Ltd. increased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 11.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,933 shares of the financial services provider's stock after acquiring an additional 25,549 shares during the quarter. Vontobel Holding Ltd.'s holdings in Bank of America were worth $10,513,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Glass Wealth Management Co LLC grew its position in shares of Bank of America by 0.3% during the fourth quarter. Glass Wealth Management Co LLC now owns 106,542 shares of the financial services provider's stock valued at $4,683,000 after purchasing an additional 325 shares in the last quarter. Carrera Capital Advisors purchased a new position in shares of Bank of America during the fourth quarter valued at about $204,000. Finally, Wealth Advisory Solutions LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $216,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.5%

Shares of NYSE:BAC traded up $0.23 on Friday, hitting $48.94. 21,620,278 shares of the company's stock were exchanged, compared to its average volume of 40,113,109. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The stock has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The business's 50 day simple moving average is $44.28 and its two-hundred day simple moving average is $43.44. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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

Bank of America Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Citigroup raised their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Truist Financial dropped their price objective on shares of 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $48.28.

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.