Boyar Asset Management Inc. Has $6.19 Million Stake in Bank of America Corporation (NYSE:BAC)

Boyar Asset Management Inc. lowered its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 148,234 shares of the financial services provider's stock after selling 13,338 shares during the quarter. Bank of America comprises approximately 4.5% of Boyar Asset Management Inc.'s holdings, making the stock its 6th largest holding. Boyar Asset Management Inc.'s holdings in Bank of America were worth $6,186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the company. Sabal Trust CO increased its position in Bank of America by 1,890.9% in the first quarter. Sabal Trust CO now owns 554,076 shares of the financial services provider's stock worth $23,122,000 after purchasing an additional 526,245 shares during the last quarter. Western Wealth Management LLC grew its stake in shares of Bank of America by 2.8% in the 1st quarter. Western Wealth Management LLC now owns 85,123 shares of the financial services provider's stock worth $3,552,000 after buying an additional 2,295 shares in the last quarter. Salzhauer Michael increased its holdings in shares of Bank of America by 10.7% in the 1st quarter. Salzhauer Michael now owns 1,940,003 shares of the financial services provider's stock worth $80,956,000 after buying an additional 188,000 shares during the last quarter. Kavar Capital Partners Group LLC raised its position in shares of Bank of America by 79.0% during the 1st quarter. Kavar Capital Partners Group LLC now owns 17,229 shares of the financial services provider's stock valued at $719,000 after buying an additional 7,603 shares in the last quarter. Finally, Pure Financial Advisors LLC lifted its holdings in shares of Bank of America by 9.1% in the 1st quarter. Pure Financial Advisors LLC now owns 34,287 shares of the financial services provider's stock valued at $1,431,000 after acquiring an additional 2,858 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on BAC. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial dropped their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Cfra Research boosted their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $47.56.

Bank of America Trading Up 1.4%

Shares of NYSE BAC traded up $0.66 during trading hours on Thursday, reaching $47.51. The stock had a trading volume of 40,075,726 shares, compared to its average volume of 39,883,531. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $357.83 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 1.26 and a beta of 1.30. The business's fifty day moving average price is $42.91 and its two-hundred day moving average price is $43.33. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.