Bard Financial Services Inc. Has $9.02 Million Stock Position in Bank of America Co. (NYSE:BAC)

Bard Financial Services Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 216,095 shares of the financial services provider’s stock after selling 10,230 shares during the quarter. Bank of America comprises about 1.1% of Bard Financial Services Inc.’s portfolio, making the stock its 22nd biggest holding. Bard Financial Services Inc.’s holdings in Bank of America were worth $9,018,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. My Legacy Advisors LLC increased its holdings in shares of Bank of America by 8.0% during the 1st quarter. My Legacy Advisors LLC now owns 12,006 shares of the financial services provider’s stock worth $501,000 after acquiring an additional 891 shares during the last quarter. Curbstone Financial Management Corp boosted its stake in Bank of America by 6.2% in the 1st quarter. Curbstone Financial Management Corp now owns 24,704 shares of the financial services provider’s stock valued at $1,031,000 after purchasing an additional 1,450 shares during the period. Alhambra Investment Management LLC boosted its stake in Bank of America by 13.4% in the 1st quarter. Alhambra Investment Management LLC now owns 8,408 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 994 shares during the period. MV Capital Management Inc. boosted its stake in Bank of America by 22.9% in the 1st quarter. MV Capital Management Inc. now owns 15,611 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 2,905 shares during the period. Finally, Franklin Street Advisors Inc. NC boosted its stake in Bank of America by 2.6% in the 1st quarter. Franklin Street Advisors Inc. NC now owns 10,975 shares of the financial services provider’s stock valued at $458,000 after purchasing an additional 278 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.5%

Shares of BAC stock opened at $45.11 on Wednesday. The stock has a market cap of $339.73 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. The stock has a 50-day moving average of $40.93 and a 200-day moving average of $43.46. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s payout ratio is 30.95%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Finally, Truist Financial cut their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.69.

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.