Machina Capital S.A.S. Buys 23,908 Shares of Bank of America Corporation $BAC

Machina Capital S.A.S. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 98.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,295 shares of the financial services provider’s stock after buying an additional 23,908 shares during the period. Machina Capital S.A.S.’s holdings in Bank of America were worth $2,285,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Impax Asset Management Group plc lifted its stake in Bank of America by 3.6% in the first quarter. Impax Asset Management Group plc now owns 18,924 shares of the financial services provider’s stock worth $790,000 after purchasing an additional 651 shares during the last quarter. World Investment Advisors lifted its stake in Bank of America by 10.0% in the first quarter. World Investment Advisors now owns 151,002 shares of the financial services provider’s stock worth $6,301,000 after purchasing an additional 13,694 shares during the last quarter. Whelan Financial raised its stake in shares of Bank of America by 145.5% during the first quarter. Whelan Financial now owns 11,387 shares of the financial services provider’s stock valued at $475,000 after acquiring an additional 6,748 shares during the last quarter. Finally, Viewpoint Capital Management LLC raised its stake in shares of Bank of America by 0.3% during the first quarter. Viewpoint Capital Management LLC now owns 165,364 shares of the financial services provider’s stock valued at $6,901,000 after acquiring an additional 445 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Argus upped their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Piper Sandler lifted their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Daiwa Capital Markets lifted their price objective on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Finally, Evercore ISI lifted their price objective on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Stock Up 1.0%

Shares of NYSE:BAC opened at $53.55 on Monday. The stock has a 50 day moving average price of $51.03 and a 200-day moving average price of $47.09. The firm has a market capitalization of $396.63 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $53.64. 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 data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Profile

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.