Bank of America Corporation (NYSE:BAC) Shares Acquired by Deutsche Bank AG

Deutsche Bank AG lifted its stake in Bank of America Corporation (NYSE:BAC) by 45.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,112,090 shares of the financial services provider’s stock after purchasing an additional 14,960,086 shares during the period. Bank of America makes up 0.8% of Deutsche Bank AG’s investment portfolio, making the stock its 15th largest holding. Deutsche Bank AG owned 0.64% of Bank of America worth $2,007,718,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter valued at approximately $31,000. Spurstone Advisory Services LLC acquired a new position in Bank of America during the fourth quarter worth $34,000. Glass Jacobson Investment Advisors llc raised its holdings in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 276 shares during the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new stake in Bank of America during the fourth quarter worth $38,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

Bank of America stock opened at $45.44 on Thursday. The stock has a fifty day moving average price of $46.38 and a 200 day moving average price of $43.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The firm has a market capitalization of $336.53 billion, a P/E ratio of 13.29, a PEG ratio of 1.77 and a beta of 1.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. Equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is 30.41%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. Finally, Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.13.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.