Bank of America Corporation $BAC Shares Sold by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY cut its holdings in Bank of America Corporation (NYSE:BAC) by 1.1% in the 1st quarter, HoldingsChannel reports. The fund owned 1,036,866 shares of the financial services provider’s stock after selling 11,158 shares during the period. Miller Howard Investments Inc. NY’s holdings in Bank of America were worth $50,547,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at $4,774,210,000. Capital International Investors purchased a new position in Bank of America during the fourth quarter worth about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Bank of America by 640.5% during the third 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 period. Vanguard Group Inc. boosted its stake in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. boosted its stake in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after buying an additional 22,621,546 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $57.97 on Wednesday. The business has a 50-day moving average of $53.11 and a two-hundred day moving average of $52.59. The firm has a market capitalization of $411.39 billion, a PE ratio of 14.35, a P/E/G ratio of 0.97 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $58.01.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the company posted $0.90 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Argus raised their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Finally, Morgan Stanley cut their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.23.

Bank of America News Summary

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s revised Fed call suggests a higher-rate environment that could help preserve net interest income and support bank profitability if credit quality remains stable.
• Positive Sentiment: The bank’s own consumer and housing research showed more Americans now favor buying over renting, a potentially supportive sign for mortgage and consumer lending demand. BofA Study: More Americans Favor Buying Over Renting for the First Time Since 2023
• Neutral Sentiment: BAC also disclosed a 2.95% stake in Qiagen via shares and swaps, which is a portfolio update but not likely to materially change the bank’s near-term earnings outlook. Bank of America reports 2.95% stake in Qiagen via shares and swaps
• Negative Sentiment: A more aggressive Fed path could also weigh on loan growth and increase recession concerns, which may limit upside for BAC if investors focus more on slower credit demand than on margin expansion.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Company 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.