Miller Howard Investments Inc. NY Cuts 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 fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 portfolio, making the stock its 25th biggest holding. Miller Howard Investments Inc. NY’s holdings in Bank of America were worth $47,168,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAC. Two Sigma Advisers LP raised its position in shares of Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the last quarter. Swedbank AB increased its holdings in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV lifted its stake in Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

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

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.