Miller Howard Investments Inc. NY Has $44.17 Million Stake in Bank of America Corporation (NYSE:BAC)

Miller Howard Investments Inc. NY trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 1.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,058,472 shares of the financial services provider's stock after selling 14,754 shares during the quarter. Bank of America comprises approximately 1.4% of Miller Howard Investments Inc. NY's holdings, making the stock its 29th largest position. Miller Howard Investments Inc. NY's holdings in Bank of America were worth $44,170,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions bought a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America during the 4th quarter valued at $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock traded up $0.23 during midday trading on Friday, hitting $48.94. 21,620,278 shares of the company were exchanged, compared to its average volume of 40,179,873. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The firm has a market capitalization of $368.61 billion, a P/E ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. The firm's 50 day moving average price is $44.28 and its two-hundred day moving average price is $43.44. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.13%. Bank of America's payout ratio is currently 30.95%.

Analyst Ratings Changes

Several equities analysts have commented on BAC shares. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Oppenheimer restated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Finally, Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $48.28.

Bank of America Profile

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.