MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $37.73 Million Stock Position in Bank of America Co. (NYSE:BAC)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 904,206 shares of the financial services provider's stock after purchasing an additional 48,677 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Bank of America were worth $37,733,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Avalon Trust Co grew its position in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares during the period. Prossimo Advisors LLC grew its position in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 220 shares during the period. TAGStone Capital Inc. boosted its position in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares during the last quarter. Hourglass Capital LLC boosted its position in Bank of America by 0.5% during the 4th quarter. Hourglass Capital LLC now owns 46,827 shares of the financial services provider's stock worth $2,058,000 after acquiring an additional 230 shares during the last quarter. Finally, Hayek Kallen Investment Management boosted its position in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after acquiring an additional 233 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Bank of America stock traded down $0.59 during mid-day trading on Friday, hitting $44.04. 43,276,878 shares of the company's stock traded hands, compared to its average volume of 39,781,158. The firm has a 50 day simple moving average of $41.50 and a two-hundred day simple moving average of $43.39. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) 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 return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Finally, Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.

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.