Mechanics Financial Corp Has $826,000 Stake in Bank of America Corporation $BAC

Mechanics Financial Corp cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,451 shares of the financial services provider’s stock after selling 1,319 shares during the quarter. Mechanics Financial Corp’s holdings in Bank of America were worth $826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Apella Capital LLC lifted its holdings in Bank of America by 10.1% during the 1st quarter. Apella Capital LLC now owns 12,472 shares of the financial services provider’s stock worth $520,000 after buying an additional 1,139 shares during the period. Sendero Wealth Management LLC lifted its holdings in Bank of America by 5.6% during the 1st quarter. Sendero Wealth Management LLC now owns 9,112 shares of the financial services provider’s stock worth $380,000 after buying an additional 485 shares during the period. Bay Rivers Group lifted its holdings in Bank of America by 4.2% during the 1st quarter. Bay Rivers Group now owns 13,816 shares of the financial services provider’s stock worth $577,000 after buying an additional 560 shares during the period. Finally, HF Advisory Group LLC lifted its stake in shares of Bank of America by 5.4% in the 1st quarter. HF Advisory Group LLC now owns 20,116 shares of the financial services provider’s stock valued at $839,000 after purchasing an additional 1,023 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $50.44 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a 50 day moving average price of $49.33 and a two-hundred day moving average price of $45.19. The firm has a market capitalization of $373.57 billion, a P/E ratio of 14.75, a P/E/G ratio of 1.97 and a beta of 1.33. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Insider Buying and Selling

In other news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. HSBC boosted their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday. Wells Fargo & Company boosted their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Royal Bank Of Canada boosted their price objective on Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Truist Financial upped their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $52.88.

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.