Will This Upgrade Satisfy Bank of America’s Top Institutional Shareholders?

Bank of America (NYSE:BAC): An upgrade to shares of Bank of America sent the stocks up on Tuesday morning. Morgan Stanley, which brought the bank from Equal Weight to Overweight, cited accelerating expense cuts which more than offset remaining litigation risks. It also raised its price target significantly, from $3 to $16. ”BAC is about to deliver on a significant expense reduction over the next several quarters, which should fall to the bottom line and boost EPS. Also, we expect BAC will be largely through significant litigation risk by [year-end 2013],” said the note.

These institutional firms indicated owning shares of Bank of America Corporation in Q1 2013. They reported owning a total of 1.524 billion shares on 03/31/2013. The shares closed at $12.18 on 03/31/2013.

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Here are the ten largest positions in Bank of America Corporation at the end of March 31st, 2013.

Vanguard Group Inc. held 479,318,548 shares on 03/31/2013 worth $5,838,100,061. This brought the portfolio total to 0.64%.

Blackrock Institutional Trust Company N.A. held 289,040,859 shares on 03/31/2013 worth $3,520,517,751. This brought the portfolio total to 0.72%.

Bank of New York Mellon Corp. held 144,154,448 shares on 03/31/2013 worth $1,755,801,221. This brought the portfolio total to 0.56%.

Blackrock Fund Advisors held 90,998,332 shares on 03/31/2013 worth $1,108,359,712. This brought the portfolio total to 0.43%.

Blackrock Group Ltd held 78,146,310 shares on 03/31/2013 worth $951,822,080. This brought the portfolio total to 0.7%.

Korea Investment Corp. held 73,090,645 shares on 03/31/2013 worth $890,244,078. This brought the portfolio total to 11.7%.

Alliancebernstein L.P. held 66,770,986 shares on 03/31/2013 worth $813,270,630. This brought the portfolio total to 0.89%.

Blackrock Advisors LLC held 45,688,920 shares on 03/31/2013 worth $556,491,060. This brought the portfolio total to 0.56%.

Blackrock Inc. held 29,834,540 shares on 03/31/2013 worth $363,384,706. This brought the portfolio total to 0.7%.

Blackrock Investment Management LLC held 23,698,851 shares on 03/31/2013 worth $288,652,012. This brought the portfolio total to 0.5%.

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