King Luther Capital Management Corp boosted its holdings in Bank of America Corporation (NYSE:BAC) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & 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 makes up 1.7% of King Luther Capital Management Corp’s portfolio, making the stock its 13th largest position. King Luther Capital Management Corp’s holdings in Bank of America were worth $414,782,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares during the period. Capital World Investors grew its stake in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Fisher Asset Management LLC grew its holdings in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after acquiring an additional 1,487,809 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently weighed in on BAC. HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. UBS Group increased their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Finally, Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.06.
Bank of America Trading Up 0.9%
Shares of BAC opened at $52.25 on Wednesday. The stock has a market capitalization 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’s fifty day moving average is $50.86 and its 200 day moving average is $52.36. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a fifty-two week low of $43.29 and a fifty-two week high of $57.55.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business earned $0.90 earnings per share. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.
Insider Activity
In related news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the transaction, the insider owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This trade represents a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 over the last 90 days. Insiders own 0.27% of the company’s stock.
Key Stories 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
Bank of America Profile
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.
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