Commerzbank Aktiengesellschaft FI Purchases 153,749 Shares of Bank of America Corporation (NYSE:BAC)

Commerzbank Aktiengesellschaft FI lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 185.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 236,596 shares of the financial services provider's stock after acquiring an additional 153,749 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in Bank of America were worth $9,873,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors grew its stake in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Northern Trust Corp grew its stake in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. Finally, Deutsche Bank AG grew its stake in Bank of America by 39.6% in the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock valued at $1,457,031,000 after acquiring an additional 9,409,076 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BAC shares. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Citigroup boosted their target price on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Robert W. Baird reissued a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $49.55.

Bank of America Stock Performance

NYSE:BAC traded up $0.31 on Friday, hitting $47.33. The company's stock had a trading volume of 48,220,966 shares, compared to its average volume of 40,554,241. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14. The stock has a fifty day moving average of $45.42 and a two-hundred day moving average of $43.62. The firm has a market capitalization of $356.48 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.