King Luther Capital Management Corp Raises Stock Holdings in Bank of America Corporation $BAC

King Luther Capital Management Corp boosted its holdings in Bank of America Corporation (NYSE:BAC) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,541,492 shares of the financial services provider’s stock after purchasing an additional 181,975 shares during the period. Bank of America comprises 1.7% of King Luther Capital Management Corp’s holdings, making the stock its 13th largest position. King Luther Capital Management Corp owned approximately 0.10% of Bank of America worth $414,782,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its stake in Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the last quarter. Meridian Wealth Management LLC increased its stake in shares of Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock worth $3,008,000 after purchasing an additional 20,591 shares during the last quarter. AdvisorShares Investments LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $482,000. Mufg Securities Americas Inc. lifted its stake in Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after purchasing an additional 41,809 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its stake in Bank of America by 11.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock valued at $34,974,000 after purchasing an additional 68,093 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on BAC shares. Jefferies Financial Group raised their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird upped their price target on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. HSBC increased their price target on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Daiwa Securities Group upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Up 0.9%

Shares of BAC opened at $52.25 on Wednesday. Bank of America Corporation has a twelve month low of $43.29 and a twelve month high of $57.55. The stock has a market cap of $370.80 billion, a PE ratio of 12.93, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The business’s 50-day moving average price is $50.86 and its 200-day moving average price is $52.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the business posted $0.90 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insider Activity at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 354,588 shares of company stock worth $17,814,296. Corporate insiders own 0.27% of the company’s stock.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 ‘living will’
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.