Bank of America Co. (NYSE:BAC) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 4.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,940,121 shares of the financial services provider's stock after buying an additional 173,021 shares during the period. Bank of America comprises 0.5% of Zurcher Kantonalbank Zurich Cantonalbank's investment portfolio, making the stock its 26th largest position. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Bank of America worth $173,168,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA grew its stake in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after purchasing an additional 217 shares during the period. Prossimo Advisors LLC grew its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC increased its holdings in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after buying an additional 222 shares in the last quarter. Keudell Morrison Wealth Management raised its position in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC boosted its stake in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock worth $382,000 after acquiring an additional 226 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

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Bank of America Trading Down 3.9 %

NYSE:BAC traded down $1.62 during trading hours on Monday, reaching $39.79. 77,478,116 shares of the stock were exchanged, compared to its average volume of 35,962,630. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average of $45.53 and a two-hundred day moving average of $43.76. The company has a market capitalization of $302.55 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is currently 32.30%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. Finally, HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.64.

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.