King Luther Capital Management Corp Purchases 20,835 Shares of Bank of America Co. (NYSE:BAC)

King Luther Capital Management Corp grew its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 0.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,434,169 shares of the financial services provider's stock after acquiring an additional 20,835 shares during the quarter. Bank of America comprises 1.4% of King Luther Capital Management Corp's investment portfolio, making the stock its 16th biggest holding. King Luther Capital Management Corp owned about 0.10% of Bank of America worth $326,732,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA boosted its holdings in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after acquiring an additional 217 shares in the last quarter. Prossimo Advisors LLC lifted its position in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC raised its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after buying an additional 222 shares in the last quarter. Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after buying an additional 223 shares during the period. Finally, Traveka Wealth LLC boosted its stake in Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock valued at $382,000 after buying an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

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Bank of America Stock Down 0.5 %

Shares of Bank of America stock traded down $0.21 on Tuesday, hitting $39.62. 50,561,860 shares of the company traded hands, compared to its average volume of 36,019,015. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The company has a 50-day moving average price of $45.44 and a 200 day moving average price of $43.76. The company has a market cap of $301.29 billion, a PE ratio of 12.30, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 EPS. Sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is 32.30%.

Analyst Ratings Changes

BAC has been the topic of several research reports. Piper Sandler dropped their price target on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Finally, Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.64.

Bank of America Company 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.