Bank of America Co. (NYSE:BAC) Shares Sold by Mach 1 Financial Group LLC

Mach 1 Financial Group LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,034 shares of the financial services provider’s stock after selling 2,928 shares during the period. Bank of America accounts for approximately 0.9% of Mach 1 Financial Group LLC’s portfolio, making the stock its 26th largest position. Mach 1 Financial Group LLC’s holdings in Bank of America were worth $2,459,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BAC. Hartford Funds Management Co LLC boosted its stake in shares of Bank of America by 20.1% during the fourth quarter. Hartford Funds Management Co LLC now owns 35,613 shares of the financial services provider’s stock worth $1,199,000 after buying an additional 5,968 shares during the period. Brighton Jones LLC boosted its stake in shares of Bank of America by 13.7% during the fourth quarter. Brighton Jones LLC now owns 92,295 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 11,130 shares during the period. Auxano Advisors LLC boosted its stake in shares of Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after buying an additional 19,179 shares during the period. WealthTrust Axiom LLC boosted its stake in shares of Bank of America by 4.3% during the fourth quarter. WealthTrust Axiom LLC now owns 16,599 shares of the financial services provider’s stock worth $559,000 after buying an additional 681 shares during the period. Finally, Norden Group LLC boosted its stake in shares of Bank of America by 21.5% during the fourth quarter. Norden Group LLC now owns 40,940 shares of the financial services provider’s stock worth $1,378,000 after buying an additional 7,243 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BAC shares. Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Finally, Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.59.

Bank of America Trading Down 1.5 %

NYSE BAC traded down $0.54 during mid-day trading on Tuesday, reaching $37.01. 30,280,209 shares of the stock were exchanged, compared to its average volume of 41,130,859. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The business’s fifty day simple moving average is $36.26 and its 200 day simple moving average is $32.95. The stock has a market capitalization of $291.99 billion, a PE ratio of 12.80, a PEG ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

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.