Zions Bancorporation purchased a new position in Bank of America Corp (NYSE:BAC) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 17,930 shares of the financial services provider’s stock, valued at approximately $528,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Atlantic Trust LLC raised its stake in Bank of America by 18.3% during the 2nd quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock valued at $398,000 after acquiring an additional 2,180 shares in the last quarter. Oarsman Capital Inc. raised its stake in Bank of America by 3.7% during the 2nd quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after acquiring an additional 2,540 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its stake in Bank of America by 20.5% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 576,534 shares of the financial services provider’s stock valued at $17,170,000 after acquiring an additional 97,989 shares in the last quarter. Fulton Bank N.A. raised its stake in Bank of America by 11.1% during the 3rd quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after acquiring an additional 15,306 shares in the last quarter. Finally, Stillwater Capital Advisors LLC raised its stake in Bank of America by 1.4% during the 3rd quarter. Stillwater Capital Advisors LLC now owns 378,714 shares of the financial services provider’s stock valued at $11,157,000 after acquiring an additional 5,354 shares in the last quarter. 65.06% of the stock is currently owned by institutional investors and hedge funds.

BAC opened at $28.52 on Friday. Bank of America Corp has a one year low of $25.81 and a one year high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $292.35 billion, a PE ratio of 15.58, a PEG ratio of 1.40 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The company had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same quarter in the previous year, the business earned $0.48 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corp will post 2.55 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.

BAC has been the topic of several recent analyst reports. BMO Capital Markets lifted their target price on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Wolfe Research initiated coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.63.

TRADEMARK VIOLATION NOTICE: “Zions Bancorporation Purchases New Holdings in Bank of America Corp (BAC)” was originally posted by Daily Political and is the sole property of of Daily Political. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.dailypolitical.com/2018/11/10/zions-bancorporation-purchases-new-holdings-in-bank-of-america-corp-bac.html.

Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Featured Article: Compound Interest

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.