Commerzbank Aktiengesellschaft FI Cuts Stock Position in Bank of America Corporation $BAC

Commerzbank Aktiengesellschaft FI lowered its holdings in Bank of America Corporation (NYSE:BAC) by 15.8% during the 2nd quarter, Holdings Channel reports. The firm owned 199,148 shares of the financial services provider’s stock after selling 37,448 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Bank of America were worth $9,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Brighton Jones LLC boosted its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after buying an additional 8,435 shares during the last quarter. Trueblood Wealth Management LLC purchased a new position in shares of Bank of America during the 1st quarter valued at $214,000. Baker Ellis Asset Management LLC lifted its position in shares of Bank of America by 11.9% during the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock valued at $677,000 after buying an additional 1,730 shares during the last quarter. Finally, Simon Quick Advisors LLC lifted its position in shares of Bank of America by 11.8% during the 1st quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock valued at $18,576,000 after buying an additional 47,036 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. UBS Group upped their price target on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday. Wolfe Research upped their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday. Citigroup upped their price target on Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.11.

Bank of America Stock Performance

NYSE:BAC opened at $49.71 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The firm has a market cap of $368.20 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.93 and a beta of 1.33. The business’s fifty day moving average is $49.55 and its 200 day moving average is $45.46.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates 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 for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. Research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

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

Bank of America 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.