Bank of America Co. (NYSE:BAC) Holdings Lifted by Deutsche Bank AG

by · The Cerbat Gem

Deutsche Bank AG grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 39.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,152,004 shares of the financial services provider’s stock after buying an additional 9,409,076 shares during the period. Bank of America accounts for about 0.6% of Deutsche Bank AG’s investment portfolio, making the stock its 23rd biggest holding. Deutsche Bank AG owned 0.43% of Bank of America worth $1,457,031,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc boosted its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter worth $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at about $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada decreased their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Check Out Our Latest Stock Analysis on BAC

Bank of America Price Performance

Shares of NYSE BAC opened at $40.95 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $39.78 and a 200-day moving average of $43.48. The stock has a market capitalization of $308.45 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is 30.95%.

Bank of America Company Profile

(Free Report)

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.

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