Millennium Capital Advisors LLC Invests $1.52 Million in Bank of America Corporation $BAC

Key Points

• Millennium Capital Advisors disclosed a new fourth-quarter position in Bank of America, buying 27,650 shares worth about $1.52 million. The stock now represents 0.9% of the firm’s portfolio.
• Other institutions also added to BAC, and overall institutional investors and hedge funds own 70.71% of the shares, signaling continued large-scale interest in the bank.
• Bank of America reported better-than-expected quarterly results with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion. The company also announced a $0.28 quarterly dividend, equal to a 2.3% yield.

Millennium Capital Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 27,650 shares of the financial services provider's stock, valued at approximately $1,521,000. Bank of America comprises 0.9% of Millennium Capital Advisors LLC's portfolio, making the stock its 24th biggest holding.

Several other hedge funds have also recently bought and sold shares of the business. Canada Post Corp Registered Pension Plan increased its position in Bank of America by 7.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 338,634 shares of the financial services provider's stock worth $18,625,000 after buying an additional 24,788 shares during the last quarter. WealthPlan Investment Management LLC increased its position in Bank of America by 190.3% during the fourth quarter. WealthPlan Investment Management LLC now owns 39,491 shares of the financial services provider's stock worth $2,172,000 after buying an additional 25,888 shares during the last quarter. Hills Bank & Trust Co increased its position in Bank of America by 20.6% during the fourth quarter. Hills Bank & Trust Co now owns 9,663 shares of the financial services provider's stock worth $531,000 after buying an additional 1,649 shares during the last quarter. Qsemble Capital Management LP increased its position in Bank of America by 92.4% during the fourth quarter. Qsemble Capital Management LP now owns 202,982 shares of the financial services provider's stock worth $11,164,000 after buying an additional 97,460 shares during the last quarter. Finally, Lawood & Co. acquired a new position in Bank of America during the fourth quarter worth $760,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider James P. Demare sold 83,832 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on BAC. Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Argus increased 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. Piper Sandler increased their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Morgan Stanley lowered their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Finally, Robert W. Baird raised their price target on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Bank of America Stock Down 0.2%

Bank of America stock opened at $49.77 on Friday. The firm has a market capitalization of $353.18 billion, a PE ratio of 12.32, a P/E/G ratio of 0.84 and a beta of 1.21. The company's 50-day moving average is $50.40 and its 200-day moving average is $52.44. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. 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 (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 4.46 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 Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's payout ratio is currently 27.72%.

About Bank of America

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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