DekaBank Deutsche Girozentrale Raises Position in Bank of America Corp (NYSE:BAC)

Share on StockTwits

DekaBank Deutsche Girozentrale grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 31.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,016,468 shares of the financial services provider’s stock after purchasing an additional 963,694 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Bank of America were worth $114,544,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. CNB Bank raised its stake in shares of Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the last quarter. Paragon Capital Management LLC purchased a new position in shares of Bank of America during the 1st quarter valued at about $33,000. Camarda Financial Advisors LLC raised its stake in shares of Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the last quarter. Nalls Sherbakoff Group LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $48,000. Finally, First Financial Corp IN grew its position in shares of Bank of America by 77.9% during the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 69.50% of the company’s stock.

BAC stock opened at $27.72 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.49. The firm has a market cap of $263.70 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The business has a 50-day moving average price of $29.23.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the previous year, the firm posted $0.63 EPS. Bank of America’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The company also recently disclosed 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. This represents a $0.72 annualized dividend and a yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.

A number of research firms have recently commented on BAC. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a research report on Wednesday, April 17th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research report on Tuesday, April 30th. Finally, Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.89.

About Bank of America

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.

Read More: The basics of gap trading strategies

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Pacific Sun Financial Corp Invests $247,000 in Union Pacific Co.
Pacific Sun Financial Corp Invests $247,000 in Union Pacific Co.
Pacific Sun Financial Corp Invests $427,000 in Invesco S&P 500 Equal Weight Technology ETF
Pacific Sun Financial Corp Invests $427,000 in Invesco S&P 500 Equal Weight Technology ETF
Pacific Sun Financial Corp Takes $407,000 Position in Invesco S&P 500 Pure Value ETF
Pacific Sun Financial Corp Takes $407,000 Position in Invesco S&P 500 Pure Value ETF
QCI Asset Management Inc. NY Buys 400 Shares of Analog Devices, Inc.
QCI Asset Management Inc. NY Buys 400 Shares of Analog Devices, Inc.
6,610 Shares in SPDR S&P Telecom ETF  Acquired by Pacific Sun Financial Corp
6,610 Shares in SPDR S&P Telecom ETF Acquired by Pacific Sun Financial Corp
Pacific Sun Financial Corp Purchases New Holdings in Invesco S&P 500 Low Volatility ETF
Pacific Sun Financial Corp Purchases New Holdings in Invesco S&P 500 Low Volatility ETF


© 2006-2019 Ticker Report