Zacks Investment Management Has $96.10 Million Stock Position in Bank of America Co. (NYSE:BAC)

Zacks Investment Management trimmed its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,186,580 shares of the financial services provider's stock after selling 64,741 shares during the period. Bank of America comprises about 0.9% of Zacks Investment Management's holdings, making the stock its 29th biggest holding. Zacks Investment Management's holdings in Bank of America were worth $96,100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Bank of America by 4.6% in 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 acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the fourth quarter worth $60,679,000. Arizona State Retirement System raised its position in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares during the period. Keybank National Association OH boosted its position in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.3 %

NYSE BAC traded up $0.11 on Friday, reaching $37.44. The company had a trading volume of 47,052,978 shares, compared to its average volume of 39,127,145. 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 stock has a market cap of $284.65 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24. The stock's 50 day moving average is $41.27 and its 200-day moving average is $43.59. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Piper Sandler cut their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Morgan Stanley raised their price objective 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. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, HSBC raised shares of 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 research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.20.

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.