Deutsche Bank AG (NYSE:DB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Deutsche Bank’s revenue challenges should ease to some extent as it is expediting Strategy 2020 efforts to revamp the bank with focus on simplifying the bank’s business model, reducing costs and shedding unprofitable businesses. Earlier in September, the company completed the sale of its US Private Client Services business while in August it inked deal to sell its Argentine subsidiary. However, profitability remains threatened by a stressed operating environment with negative interest rates, slow growth of the European economy and global headwinds. Further, litigation issues continue to remain a major concern for the bank. Notably, the bank’s imminent hurdle remains the proposed $14-billion settlement with the U.S. Department of Justice (DoJ) tied with mortgage practices.”
A number of other equities analysts have also recently commented on DB. Societe Generale reaffirmed a “sell” rating on shares of Deutsche Bank AG in a research note on Monday, August 1st. Santander cut shares of Deutsche Bank AG from a “hold” rating to an “underweight” rating in a research note on Tuesday, September 6th. Bank of America Corp. cut shares of Deutsche Bank AG from a “neutral” rating to an “underperform” rating in a research note on Friday, July 29th. Vetr cut shares of Deutsche Bank AG from a “hold” rating to a “sell” rating and set a $16.96 price target for the company. in a research note on Monday, June 27th. Finally, Credit Suisse Group AG started coverage on shares of Deutsche Bank AG in a research note on Monday, September 19th. They set an “underperform” rating for the company. Seven research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $19.88.
Deutsche Bank AG (NYSE:DB) opened at 11.48 on Wednesday. The firm’s 50 day moving average is $13.82 and its 200-day moving average is $15.59. Deutsche Bank AG has a 52 week low of $11.19 and a 52 week high of $30.82. The company’s market cap is $15.69 billion.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning raised its position in shares of Deutsche Bank AG by 29.9% in the second quarter. Creative Planning now owns 7,392 shares of the company’s stock worth $101,000 after buying an additional 1,700 shares during the last quarter. Burney Co. bought a new position in shares of Deutsche Bank AG during the second quarter worth about $138,000. Oppenheimer & Co. Inc. raised its position in shares of Deutsche Bank AG by 18.9% in the second quarter. Oppenheimer & Co. Inc. now owns 12,582 shares of the company’s stock worth $172,000 after buying an additional 2,000 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Deutsche Bank AG during the second quarter worth about $193,000. Finally, Rhumbline Advisers raised its position in shares of Deutsche Bank AG by 0.5% in the second quarter. Rhumbline Advisers now owns 15,415 shares of the company’s stock worth $212,000 after buying an additional 74 shares during the last quarter. Institutional investors and hedge funds own 24.68% of the company’s stock.
About Deutsche Bank AG
Deutsche Bank AG is a global investment bank. The Bank is a financial services provider to Indian corporate, institutional and individual clients. It operates through five corporate divisions: Corporate Banking & Securities (CB&S), Private & Business Clients (PBC), Global Transaction Banking (GTB), Deutsche Asset & Wealth Management (Deutsche AWM) and Non-Core Operations Unit (NCOU).
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