Miller Howard Investments Inc. NY Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Miller Howard Investments Inc. NY decreased its holdings in Bank of America Co. (NYSE:BAC) by 1.3% in the 4th quarter, Holdings Channel reports. The firm owned 1,073,226 shares of the financial services provider’s stock after selling 13,901 shares during the period. Bank of America accounts for about 1.6% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 25th biggest holding. Miller Howard Investments Inc. NY’s holdings in Bank of America were worth $47,168,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Howland Capital Management LLC boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Howland Capital Management LLC now owns 37,683 shares of the financial services provider’s stock valued at $1,656,000 after buying an additional 459 shares in the last quarter. Quotient Wealth Partners LLC boosted its position in shares of Bank of America by 4.2% during the 4th quarter. Quotient Wealth Partners LLC now owns 38,571 shares of the financial services provider’s stock worth $1,695,000 after purchasing an additional 1,538 shares in the last quarter. Benedict Financial Advisors Inc. grew its stake in shares of Bank of America by 32.6% during the 4th quarter. Benedict Financial Advisors Inc. now owns 15,719 shares of the financial services provider’s stock worth $691,000 after purchasing an additional 3,868 shares during the period. Summit Wealth & Retirement Planning Inc. lifted its stake in shares of Bank of America by 7.1% in the fourth quarter. Summit Wealth & Retirement Planning Inc. now owns 14,218 shares of the financial services provider’s stock valued at $625,000 after purchasing an additional 945 shares during the period. Finally, Entropy Technologies LP boosted its holdings in Bank of America by 53.8% during the fourth quarter. Entropy Technologies LP now owns 261,831 shares of the financial services provider’s stock worth $11,507,000 after buying an additional 91,549 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC opened at $47.43 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The stock’s 50-day simple moving average is $45.77 and its 200-day simple moving average is $42.92. The firm has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is 32.30%.

About Bank of America

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.