Miller Howard Investments Inc. NY lowered its position in Bank of America Corporation (NYSE:BAC – Free Report) by 1.0% during the third quarter, HoldingsChannel.com reports. The firm owned 1,027,747 shares of the financial services provider’s stock after selling 10,719 shares during the quarter. Bank of America makes up approximately 1.5% of Miller Howard Investments Inc. NY’s holdings, making the stock its 28th largest holding. Miller Howard Investments Inc. NY’s holdings in Bank of America were worth $55,940,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Legal & General Group Plc bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $2,571,060,000. Deutsche Bank AG acquired a new position in Bank of America in the second quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp bought a new position in Bank of America during the second quarter valued at approximately $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Bank of America during the second quarter valued at approximately $939,807,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Bank of America in the second quarter valued at approximately $916,398,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have issued reports on BAC shares. Phillip Securities upgraded shares of Bank of America to a “strong-buy” rating in a research note on Friday, October 16th. TD Cowen dropped their price target on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating on the stock in a research note on Thursday, October 15th. Wells Fargo & Company cut their price target on shares of Bank of America from $69.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Royal Bank Of Canada cut their price target on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th. Finally, Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.82.
View Our Latest Report on Bank of America
Bank of America Trading Down 0.1%
Shares of Bank of America stock opened at $50.51 on Tuesday. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The firm has a market capitalization of $353.20 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The company’s fifty day moving average price is $57.73 and its two-hundred day moving average price is $55.10.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The business had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same period in the previous year, the business posted $1.06 earnings per share. Bank of America’s revenue was up 3.2% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 4.52 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, December 4th. Bank of America’s dividend payout ratio is 30.40%.
Key Headlines Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America joined Blackstone, Citi and Morgan Stanley in a $63 billion financing structure to help Anthropic deploy AI computing capacity using Broadcom technology, with deliveries expected to begin in 2027. The deal highlights BAC’s role in financing the AI infrastructure boom and could generate fees and lending opportunities, although the bank’s precise economic share was not disclosed. Bank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure
- Positive Sentiment: Bank of America’s research activity also points to continued investment-banking and capital-markets engagement: the bank said African corporate bond issuance reached $13.3 billion, the fastest pace in five years. Greater issuance activity can benefit banks through underwriting and advisory fees. African corporate bond sales hit $13.3 billion
Bank of America Profile
Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.
The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.
Featured Articles
- Five stocks we like better than Bank of America
- Comfort Systems Earnings: AI Slowdown or More Growth Ahead?
- Bristol Myers Squibb’s Cancer Breakthrough Could Have Implications Beyond Its Own Stock
- 5 Beaten-Down Growth Stocks Trading Like Value Plays as Cash Chases Mega-Caps
- Anthropic’s IPO Filing Reveals a Massive Opportunity for AI Infrastructure Giants
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.
