Zions Bancorporation Purchases New Holdings in Bank of America Corp (BAC)
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.
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.
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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.
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