Mach 1 Financial Group LLC Has $301,000 Position in Bank of America Co. (NYSE:BAC)

Mach 1 Financial Group LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,581 shares of the financial services provider’s stock after purchasing an additional 523 shares during the period. Mach 1 Financial Group LLC’s holdings in Bank of America were worth $301,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Quent Capital LLC grew its position in shares of Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. WealthPLAN Partners LLC grew its holdings in Bank of America by 161.7% in the 1st quarter. WealthPLAN Partners LLC now owns 28,109 shares of the financial services provider’s stock valued at $1,066,000 after buying an additional 17,370 shares during the last quarter. NorthRock Partners LLC increased its position in Bank of America by 26.2% in the 1st quarter. NorthRock Partners LLC now owns 72,155 shares of the financial services provider’s stock worth $2,736,000 after buying an additional 14,981 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Bank of America by 10.9% during the first quarter. Meeder Asset Management Inc. now owns 20,947 shares of the financial services provider’s stock worth $794,000 after buying an additional 2,066 shares during the last quarter. Finally, Meeder Advisory Services Inc. boosted its position in shares of Bank of America by 7.9% in the first quarter. Meeder Advisory Services Inc. now owns 81,142 shares of the financial services provider’s stock valued at $3,077,000 after acquiring an additional 5,913 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $45.13 on Friday. The firm has a market cap of $346.28 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.54 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $45.55. The company has a 50 day moving average of $40.90 and a 200-day moving average of $40.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.