Bank of America Corporation $BAC Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in Bank of America Corporation (NYSE:BAC) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,353,927 shares of the financial services provider’s stock after selling 64,149 shares during the quarter. Bank of America makes up approximately 1.5% of King Luther Capital Management Corp’s investment portfolio, making the stock its 14th largest position. King Luther Capital Management Corp owned approximately 0.10% of Bank of America worth $347,988,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Deutsche Bank AG grew its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi raised its stake in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after buying an additional 894,027 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bank of America by 9.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,274,230 shares of the financial services provider’s stock worth $628,137,000 after buying an additional 1,151,432 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $58.00 price target (up from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Robert W. Baird upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Citigroup raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Daiwa Capital Markets boosted their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Down 0.1%

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

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

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

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

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.