Mach 1 Financial Group LLC Invests $2.34 Million in Bank of America Corporation $BAC

Mach 1 Financial Group LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 42,545 shares of the financial services provider’s stock, valued at approximately $2,340,000.

Several other large investors have also recently made changes to their positions in BAC. DecisionMap Wealth Management LLC increased its position in Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after buying an additional 182 shares in the last quarter. Money Concepts Capital Corp increased its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after buying an additional 182 shares in the last quarter. Holistic Financial Partners increased its position in Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after buying an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. increased its position in Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after buying an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC increased its position in Bank of America by 4.2% during the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock valued at $242,000 after buying an additional 188 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.1%

Shares of BAC opened at $51.26 on Thursday. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $363.75 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.86 and a beta of 1.21. The stock’s 50-day moving average price is $50.53 and its 200-day moving average price is $52.40.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 in the last three months. 0.27% of the stock is currently owned by company insiders.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America disclosed significant indirect exposure to major cryptocurrencies and direct stakes in crypto-related companies, which may appeal to investors looking for optionality in digital assets and fintech-linked themes.
• Positive Sentiment: The bank’s recent Better Money Habits research on Gen Z highlights ongoing customer-engagement efforts and could support its long-term consumer franchise by reinforcing its brand with younger users.
• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, signaling that some analysts see less upside in the big-bank trade and potentially limiting enthusiasm for the shares.
• Negative Sentiment: Bank of America agreed to a settlement over allegations that customers were charged duplicate ATM fees at 7-Eleven locations, adding a legal and reputational headwind for the stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial upped their target price on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Oppenheimer upped their target price on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Evercore cut their price objective on Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, May 15th. JPMorgan Chase & Co. cut their price objective on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.