Bard Financial Services Inc. Sells 18,295 Shares of Bank of America Co. (NYSE:BAC)

Bard Financial Services Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,575 shares of the financial services provider’s stock after selling 18,295 shares during the period. Bank of America comprises approximately 1.1% of Bard Financial Services Inc.’s holdings, making the stock its 26th largest position. Bard Financial Services Inc.’s holdings in Bank of America were worth $9,110,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter valued at $29,000. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares in the last quarter. Finally, TruNorth Capital Management LLC lifted its stake in shares of Bank of America by 740.7% during the 2nd quarter. TruNorth Capital Management LLC now owns 1,135 shares of the financial services provider’s stock valued at $45,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $48.00 to $55.00 in a research note on Monday. Oppenheimer boosted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.92.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 55,223,897 shares of company stock valued at $2,232,505,985 over the last 90 days. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $45.99 on Wednesday. The company has a 50 day moving average price of $43.87 and a 200-day moving average price of $41.33. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08. The stock has a market capitalization of $352.88 billion, a PE ratio of 16.64, a PEG ratio of 1.58 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. Bank of America’s payout ratio is 37.82%.

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.