Mach 1 Financial Group LLC Makes New Investment in Bank of America Corporation $BAC

Key Points

• Mach 1 Financial Group LLC opened a new position in Bank of America during the fourth quarter, buying 42,545 shares valued at about $2.34 million.
• Bank of America has continued to attract institutional interest, with several other investors also adding stakes; overall, institutional investors own 70.71% of the stock.
• Analyst sentiment remains mostly positive, with 22 Buy ratings and an average “Moderate Buy” rating, though some recent developments include insider selling and a few cuts to ratings or target prices.

Mach 1 Financial Group LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 42,545 shares of the financial services provider's stock, valued at approximately $2,340,000.

Other large investors have also added to or reduced their stakes in the company. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter worth approximately $27,000. Legacy Bridge LLC increased its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the last quarter. Collier Financial bought a new stake in Bank of America in the 3rd quarter worth approximately $30,000. Joseph Group Capital Management bought a new stake in Bank of America in the 4th quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC increased its stake in Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after acquiring an additional 532 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Daiwa Securities Group lifted their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Argus lifted their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Morgan Stanley cut their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Autonomous Res cut their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

More Bank of America News

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.

Bank of America Price Performance

BAC opened at $51.26 on Thursday. The business has a fifty day moving average of $50.53 and a 200 day moving average of $52.40. 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 stock has a market cap of $363.75 billion, a P/E ratio of 12.69, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 company had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Bank of America's revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced 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 dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

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.

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