Miller Howard Investments Inc. NY Has $42.56 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Miller Howard Investments Inc. NY lowered its position in Bank of America Co. (NYSE:BAC) by 1.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,122,344 shares of the financial services provider’s stock after selling 14,423 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Bank of America were worth $42,559,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd lifted its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Finally, Darsana Capital Partners LP acquired a new stake in shares of Bank of America in the third quarter valued at about $177,970,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.3 %

Shares of NYSE:BAC traded up $0.53 during midday trading on Monday, hitting $40.02. 28,842,289 shares of the company’s stock were exchanged, compared to its average volume of 38,959,594. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. The company has a market cap of $312.97 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50 day moving average price of $38.61 and a 200-day moving average price of $35.89.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BAC shares. Wells Fargo & Company upped their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. HSBC reissued a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $39.79.

View Our Latest Research Report on BAC

Bank of America Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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