DekaBank Deutsche Girozentrale Buys 92,435 Shares of Bank of America Corporation (NYSE:BAC)

DekaBank Deutsche Girozentrale increased its position in shares of Bank of America Corporation (NYSE:BAC) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,412,426 shares of the financial services provider’s stock after purchasing an additional 92,435 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.08% of Bank of America worth $261,218,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of 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 valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its position in Bank of America by 9.9% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 47,435 shares of the financial services provider’s stock worth $2,301,000 after purchasing an additional 4,266 shares during the period. Finally, Argentarii LLC acquired a new stake in Bank of America in the fourth quarter worth about $234,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock traded down $1.15 during trading on Tuesday, reaching $47.51. 16,295,516 shares of the company were exchanged, compared to its average volume of 42,877,512. The company has a 50-day moving average of $44.46 and a two-hundred day moving average of $43.47. The company has a market capitalization of $357.86 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Citigroup lifted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, June 30th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.33.

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