Bank of America Co. (NYSE:BAC) Stock Position Lessened by Hardin Capital Partners LLC

Hardin Capital Partners LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,617 shares of the financial services provider’s stock after selling 4,740 shares during the period. Bank of America accounts for approximately 2.6% of Hardin Capital Partners LLC’s portfolio, making the stock its 3rd largest holding. Hardin Capital Partners LLC’s holdings in Bank of America were worth $4,199,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter worth $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter worth $31,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $44.14 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $40.46 and a 200-day moving average of $43.54. The firm has a market cap of $332.46 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. 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 posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.