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

Bard Financial Services Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 216,095 shares of the financial services provider’s stock after selling 10,230 shares during the quarter. Bank of America makes up 1.1% of Bard Financial Services Inc.’s portfolio, making the stock its 22nd largest position. Bard Financial Services Inc.’s holdings in Bank of America were worth $9,018,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $25,000. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Barclays decreased their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank of Canada decreased their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Up 0.5%

Shares of Bank of America stock opened at $45.11 on Wednesday. The business’s 50 day simple moving average is $40.93 and its 200 day simple moving average is $43.46. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $339.73 billion, a PE ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30. 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 (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, analysts predict that Bank of America Co. will post 3.7 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, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Bank of America Company 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.