DekaBank Deutsche Girozentrale Has $302.40 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• DekaBank Deutsche Girozentrale has trimmed its stake in Bank of America by 1.4%, now holding approximately $302.4 million worth of shares.
• Several analysts have raised their price targets for Bank of America shares, with the consensus rating shifting to a "Moderate Buy" and a target price of $57.29.
• The bank recently announced a dividend increase to $0.28 per share, reflecting a positive change from its previous dividend of $0.26.

DekaBank Deutsche Girozentrale trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,319,991 shares of the financial services provider's stock after selling 92,435 shares during the period. DekaBank Deutsche Girozentrale owned about 0.08% of Bank of America worth $302,400,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Common Asset Management LLC raised its holdings in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock worth $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new stake in shares of Bank of America during the second quarter worth $217,000. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC increased its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in Bank of America in the 2nd quarter valued at $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Thursday. The Goldman Sachs Group lifted their price target on shares of Bank of America from $56.00 to $59.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Royal Bank Of Canada lifted their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. Seaport Global Securities lifted their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a "buy" rating in a research note on Monday, October 6th. Finally, Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Sunday. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $57.29.

Bank of America Stock Performance

Shares of BAC opened at $51.28 on Monday. The firm has a 50-day moving average of $50.11 and a 200-day moving average of $45.88. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The company has a market cap of $379.83 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter last year, the firm posted $0.81 EPS. The company's quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

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.

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