Zurich Insurance Group Ltd FI Sells 455,496 Shares of Bank of America Corp (NYSE:BAC)

Zurich Insurance Group Ltd FI lessened its position in Bank of America Corp (NYSE:BAC) by 22.2% in the second quarter, HoldingsChannel.com reports. The fund owned 1,594,541 shares of the financial services provider’s stock after selling 455,496 shares during the period. Bank of America comprises about 0.9% of Zurich Insurance Group Ltd FI’s portfolio, making the stock its 20th biggest holding. Zurich Insurance Group Ltd FI’s holdings in Bank of America were worth $46,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Bank of America by 14.8% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 86,815 shares of the financial services provider’s stock worth $2,411,000 after acquiring an additional 11,170 shares during the last quarter. Alberta Investment Management Corp boosted its position in shares of Bank of America by 20.4% in the second quarter. Alberta Investment Management Corp now owns 1,144,600 shares of the financial services provider’s stock valued at $33,193,000 after acquiring an additional 194,000 shares during the period. Apriem Advisors raised its stake in Bank of America by 4.2% in the second quarter. Apriem Advisors now owns 257,229 shares of the financial services provider’s stock valued at $7,460,000 after purchasing an additional 10,260 shares in the last quarter. EJF Capital LLC purchased a new stake in Bank of America in the second quarter valued at approximately $363,000. Finally, AQR Capital Management LLC raised its stake in Bank of America by 24.9% in the second quarter. AQR Capital Management LLC now owns 2,331,450 shares of the financial services provider’s stock valued at $67,612,000 after purchasing an additional 464,763 shares in the last quarter. 68.48% of the stock is owned by institutional investors.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Several research analysts have commented on BAC shares. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research note on Monday, June 17th. Morgan Stanley lifted their target price on shares of Bank of America from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Hold” and a consensus target price of $32.42.

NYSE:BAC traded down $0.02 during trading hours on Friday, hitting $29.81. The company had a trading volume of 50,894,803 shares, compared to its average volume of 53,264,508. The company has a market capitalization of $278.69 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.57. The stock has a 50-day moving average price of $28.07 and a 200 day moving average price of $28.73. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 earnings per share. Analysts anticipate that Bank of America Corp will post 2.82 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.42%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is 27.59%.

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

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