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

Key Points

• Miller Howard Investments reduced its Bank of America stake by 1.1% in the first quarter, though it still held more than 1.03 million shares valued at about $50.5 million.
• Other institutional investors have also been adjusting positions, and overall hedge funds and institutions own 70.71% of Bank of America’s stock.
• Analysts remain broadly positive: Bank of America has a Moderate Buy consensus rating with an average target price of $61.23, while the company recently beat quarterly earnings and declared a $0.28 per-share dividend.

Miller Howard Investments Inc. NY lessened its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 1.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,036,866 shares of the financial services provider's stock after selling 11,158 shares during the quarter. Miller Howard Investments Inc. NY's holdings in Bank of America were worth $50,547,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC grew its holdings in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP increased its stake in Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Argus boosted their target price on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Morgan Stanley cut their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Daiwa Securities Group boosted their price objective 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, Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $61.23.

Key Stories Impacting Bank of America

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.

Bank of America Price Performance

BAC stock opened at $57.97 on Wednesday. The stock's 50 day moving average price is $53.11 and its 200 day moving average price is $52.59. The firm has a market cap of $411.39 billion, a P/E ratio of 14.35, a PEG ratio of 0.97 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $58.01.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the business posted $0.90 earnings per share. Bank of America's revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors 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 is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Bank of America 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.

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