Zions Bancorporation Has $528,000 Holdings in Bank of America Corp (BAC)

Zions Bancorporation raised its stake in shares of Bank of America Corp (NYSE:BAC) by 609.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,836 shares of the financial services provider’s stock after buying an additional 17,901 shares during the quarter. Zions Bancorporation’s holdings in Bank of America were worth $528,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Lbmc Investment Advisors LLC grew its holdings in Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after buying an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. boosted its holdings in shares of Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares during the last quarter. Altavista Wealth Management Inc. boosted its holdings in shares of Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after purchasing an additional 68 shares during the last quarter. Alpha Omega Wealth Management LLC boosted its holdings in shares of Bank of America by 0.3% during the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after purchasing an additional 76 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management boosted its holdings in shares of Bank of America by 0.9% during the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 69.34% of the company’s stock.

Bank of America Corp (BAC) opened at $31.14 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $321,480.00, a price-to-earnings ratio of 20.22, a P/E/G ratio of 1.58 and a beta of 1.41. Bank of America Corp has a 52-week low of $22.07 and a 52-week high of $32.67.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. analysts predict that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is currently 31.17%.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Several research firms have recently issued reports on BAC. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Morgan Stanley raised their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective on the stock in a report on Monday, October 16th. Royal Bank of Canada raised their price objective on Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Finally, BMO Capital Markets restated a “market perform” rating and set a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $30.17.

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Bank of America Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

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