Zurich Insurance Group Ltd FI Buys 692,054 Shares of Bank of America Co. (NYSE:BAC)

Zurich Insurance Group Ltd FI grew its stake in shares of Bank of America Co. (NYSE:BAC) by 24.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,544,508 shares of the financial services provider's stock after buying an additional 692,054 shares during the period. Bank of America makes up 1.3% of Zurich Insurance Group Ltd FI's portfolio, making the stock its 16th biggest position. Zurich Insurance Group Ltd FI's holdings in Bank of America were worth $155,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial bought a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC bought a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter worth about $31,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.1%

NYSE:BAC opened at $44.74 on Tuesday. The firm has a market capitalization of $336.98 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock's 50 day moving average price is $40.13 and its two-hundred day moving average price is $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.50.

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.

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