Commerzbank Aktiengesellschaft FI Has $2.75 Million Position in Bank of America Co. (NYSE:BAC)

Commerzbank Aktiengesellschaft FI increased its holdings in Bank of America Co. (NYSE:BAC) by 7.0% in the 3rd quarter, Holdings Channel reports. The fund owned 69,246 shares of the financial services provider’s stock after purchasing an additional 4,504 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Bank of America were worth $2,748,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BAC. Fairway Wealth LLC acquired a new position in Bank of America in the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC raised its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter valued at about $30,000. Finally, Clearstead Trust LLC increased its position in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2 %

Shares of BAC opened at $42.20 on Wednesday. The firm has a market capitalization of $330.02 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average price is $40.04 and its two-hundred day moving average price is $39.51.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. On average, analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. Bank of America’s dividend payout ratio is presently 35.99%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,863,500 shares of company stock valued at $5,363,830,468. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Oppenheimer lifted their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

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.