Commerzbank Aktiengesellschaft FI Purchases 13,601 Shares of Bank of America Co. (NYSE:BAC)

Commerzbank Aktiengesellschaft FI increased its holdings in Bank of America Co. (NYSE:BAC) by 19.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,847 shares of the financial services provider’s stock after acquiring an additional 13,601 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Bank of America were worth $3,641,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Swedbank AB grew its position in Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Bank of America by 1.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock valued at $5,801,000 after acquiring an additional 1,866 shares during the period. Confluence Wealth Services Inc. grew its position in shares of Bank of America by 4.8% during the 3rd quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after acquiring an additional 959 shares during the period. Van ECK Associates Corp increased its stake in shares of Bank of America by 120.2% during the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 10,497 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Bank of America by 24.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock worth $372,911,000 after purchasing an additional 1,816,804 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 1.3 %

BAC opened at $45.51 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $45.81 and its 200 day simple moving average is $43.67. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market cap of $346.09 billion, a PE ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 EPS. As a group, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

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.