King Luther Capital Management Corp Reduces Position in Bank of America Co. (NYSE:BAC)

King Luther Capital Management Corp cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 0.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,413,334 shares of the financial services provider's stock after selling 19,146 shares during the period. Bank of America accounts for 1.3% of King Luther Capital Management Corp's holdings, making the stock its 18th biggest holding. King Luther Capital Management Corp owned about 0.10% of Bank of America worth $294,161,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC lifted its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter valued at about $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after buying an additional 852 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on BAC. Barclays upped their price objective on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a "hold" rating to a "buy" rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.26.

Insiders Place Their Bets

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.8 %

Shares of BAC opened at $46.06 on Thursday. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.02. The business's 50-day moving average price is $41.92 and its 200 day moving average price is $40.55. The stock has a market capitalization of $353.41 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.57 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The firm's quarterly revenue was up .4% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America's dividend payout ratio is presently 37.82%.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

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.

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