Bank of America Co. (NYSE:BAC) Shares Sold by Miller Value Partners LLC

Miller Value Partners LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,390,742 shares of the financial services provider’s stock after selling 167,537 shares during the period. Bank of America makes up about 1.7% of Miller Value Partners LLC’s holdings, making the stock its 25th biggest position. Miller Value Partners LLC’s holdings in Bank of America were worth $61,874,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Cassady Schiller Wealth Management LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $39,000. Crewe Advisors LLC grew its position in Bank of America by 198.0% during the 4th quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 594 shares during the last quarter. Country Trust Bank grew its position in Bank of America by 51.4% during the 4th quarter. Country Trust Bank now owns 945 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 321 shares during the last quarter. Horan Securities Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $42,000. Finally, Level Financial Advisors Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $50,000. 70.46% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:BAC traded up $0.35 during midday trading on Friday, reaching $37.02. The company had a trading volume of 43,365,604 shares, compared to its average volume of 54,396,438. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.16. The business’s 50 day moving average price is $38.37 and its 200 day moving average price is $42.93. The stock has a market cap of $298.27 billion, a PE ratio of 10.58, a P/E/G ratio of 1.48 and a beta of 1.39. Bank of America Co. has a 1-year low of $32.96 and a 1-year high of $50.11.

Bank of America (NYSE:BACGet Rating) last released its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. The business had revenue of $23.20 billion for the quarter, compared to the consensus estimate of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. Bank of America’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 earnings per share. On average, research analysts expect that Bank of America Co. will post 3.32 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Thursday, June 2nd. Bank of America’s payout ratio is currently 24.00%.

BAC has been the topic of a number of recent research reports. Morgan Stanley upgraded Bank of America from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $51.00 to $49.00 in a research report on Monday, March 28th. Piper Sandler reduced their price target on Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 5th. JPMorgan Chase & Co. raised their price target on Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. BMO Capital Markets reduced their price target on Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 19th. Finally, Robert W. Baird upgraded Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price target on the stock in a research report on Tuesday, March 8th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Buy” and a consensus target price of $50.41.

Bank of America Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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