Zacks Investment Research cut shares of Deutsche Bank (NYSE:DB) from a hold rating to a sell rating in a research report released on Friday morning, Zacks.com reports. The firm currently has $8.00 target price on the bank’s stock.
According to Zacks, “On the NYSE, shares of Deutsche Bank have underperformed the industry over the past six months. Second-quarter results were impacted by significant restructuring costs, rise in provisions and lower revenues. Litigation issues related to past misconducts continue, and legal costs might deter bottom-line growth to some extent. Also, declining fee income and pressure on margins due to low interest rates in the domestic economy, keep the top line under pressure. Nonetheless, efforts to improve financials by offloading unprofitable businesses and continued investments in order to expand its fee income sources are commendable. Also, it targets to reduce adjusted costs to €17 billion by 2022, which is likely to aid bottom-line growth. Notably, in July, it announced major restructuring plans and a fresh set of targets to improve profitability.”
DB has been the topic of several other research reports. DZ Bank restated a neutral rating on shares of Deutsche Bank in a research report on Wednesday, July 24th. Royal Bank of Canada restated a sell rating and set a $7.50 price target on shares of Deutsche Bank in a research report on Thursday, April 25th. Norddeutsche Landesbank restated a hold rating and set a $8.00 price target on shares of Deutsche Bank in a research report on Friday, April 26th. UBS Group upgraded shares of Deutsche Bank from a sell rating to a neutral rating and set a $7.53 price target on the stock in a research report on Friday, July 12th. Finally, Bank of America restated a sell rating on shares of Deutsche Bank in a research report on Monday, July 8th. Nine equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $7.01.
Deutsche Bank (NYSE:DB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported ($1.86) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($2.03). The firm had revenue of $6.97 billion for the quarter. Deutsche Bank had a negative net margin of 8.73% and a negative return on equity of 4.63%. Research analysts predict that Deutsche Bank will post 0.33 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC lifted its stake in shares of Deutsche Bank by 161.8% in the second quarter. Signaturefd LLC now owns 11,954 shares of the bank’s stock worth $91,000 after buying an additional 7,388 shares in the last quarter. Laurel Wealth Advisors Inc. purchased a new position in shares of Deutsche Bank in the first quarter worth about $99,000. Greenleaf Trust purchased a new position in shares of Deutsche Bank in the first quarter worth about $105,000. Commonwealth Equity Services LLC lifted its stake in shares of Deutsche Bank by 17.1% in the second quarter. Commonwealth Equity Services LLC now owns 15,222 shares of the bank’s stock worth $116,000 after buying an additional 2,222 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its stake in shares of Deutsche Bank by 19.1% in the second quarter. Riverhead Capital Management LLC now owns 16,800 shares of the bank’s stock worth $130,000 after buying an additional 2,700 shares in the last quarter. Institutional investors and hedge funds own 20.13% of the company’s stock.
Deutsche Bank Company Profile
Deutsche Bank Aktiengesellschaft provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide. It operates through three segments: Corporate & Investment Bank (CIB), Private & Commercial Bank (PCB), and Deutsche Asset Management.
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