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

Key Points

• King Luther Capital Management cut its Bank of America stake by 3.8% in the third quarter, selling 267,985 shares; it still held 6.86 million shares worth about $373.6 million.
• Bank of America reported quarterly EPS of $1.08 and revenue of $29.96 billion, both below analyst expectations, although revenue rose 3.2% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $62.48. The company also announced a quarterly dividend of $0.32 per share, equivalent to a 2.5% annualized yield.

King Luther Capital Management Corp trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,863,861 shares of the financial services provider's stock after selling 267,985 shares during the period. Bank of America makes up approximately 1.5% of King Luther Capital Management Corp's investment portfolio, making the stock its 10th largest holding. King Luther Capital Management Corp owned 0.10% of Bank of America worth $373,600,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Bamco Inc. NY lifted its holdings in shares of Bank of America by 45.4% in the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after buying an additional 12,794 shares during the period. E Fund Management Co. Ltd. bought a new position in Bank of America during the second quarter valued at about $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America during the second quarter worth about $2,132,000. Aspiriant LLC grew its holdings in Bank of America by 34.3% during the third quarter. Aspiriant LLC now owns 48,877 shares of the financial services provider's stock worth $2,660,000 after acquiring an additional 12,479 shares during the period. Finally, Lakeshore Capital Group Inc. grew its holdings in Bank of America by 111.8% during the third quarter. Lakeshore Capital Group Inc. now owns 33,642 shares of the financial services provider's stock worth $1,831,000 after acquiring an additional 17,759 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Bank of America

Here are a few of the latest stories about BAC:

• Positive Sentiment: A comparison with Wells Fargo says Bank of America has an edge on earnings growth and valuation, though Wells Fargo has stronger recent share performance and return on equity. Read article
• Neutral Sentiment: Bank of America’s market outlook includes caution about crowded trades, while its view that inflation could prompt a larger Federal Reserve rate hike points to potential rate volatility. These are broader market calls, not new BAC-specific financial forecasts. Read article Read article
• Negative Sentiment: Several law firms are publicizing the same securities class action against Bank of America, concerning investors who bought shares from August 1, 2025, through October 13, 2026. The lead-plaintiff deadline is December 15, 2026. The repeated alerts are not evidence of a new ruling, but the allegations and potential legal costs may weigh on sentiment. Read article Read article

Bank of America Stock Performance

Shares of BAC opened at $50.67 on Thursday. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a 50-day moving average of $54.56 and a two-hundred day moving average of $54.87. The stock has a market cap of $349.61 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.89 and a beta of 1.19. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The firm had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. During the same period last year, the business earned $1.06 earnings per share. The business's revenue was up 3.2% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. Bank of America's dividend payout ratio (DPR) is currently 30.40%.

Analysts Set New Price Targets

Several brokerages have commented on BAC. Jefferies Financial Group dropped their price target on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 24th. Truist Financial lowered their price objective on shares of Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research note on Thursday, October 15th. Barclays dropped their target price on shares of Bank of America from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Thursday, October 15th. Morgan Stanley cut their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Thursday, October 15th. Finally, Wells Fargo & Company cut their target price on shares of Bank of America from $69.00 to $64.00 and set an "overweight" rating for the company in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $62.48.

Bank of America Profile

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

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