King Luther Capital Management Corp Decreases Position in Bank of America Corporation $BAC

King Luther Capital Management Corp reduced its stake in Bank of America Corporation (NYSE:BAC) by 0.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,353,927 shares of the financial services provider’s stock after selling 64,149 shares during the period. Bank of America makes up about 1.5% of King Luther Capital Management Corp’s holdings, making the stock its 14th largest holding. King Luther Capital Management Corp’s holdings in Bank of America were worth $347,988,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of BAC. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC grew its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC increased its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $53.22 on Friday. The business has a 50 day simple moving average of $51.33 and a 200-day simple moving average of $47.57. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $388.62 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have commented on BAC shares. Seaport Global Securities increased 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. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Morgan Stanley upped their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

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.