Mattson Financial Services LLC Buys 3,426 Shares of Bank of America Corporation $BAC

Mattson Financial Services LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,967 shares of the financial services provider’s stock after buying an additional 3,426 shares during the period. Mattson Financial Services LLC’s holdings in Bank of America were worth $2,669,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter valued at about $30,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America during the fourth quarter valued at about $34,000. Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America during the fourth quarter valued at about $38,000. Mascagni Wealth Management Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at about $40,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter valued at about $40,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Finally, Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.39.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated 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 transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.2%

Shares of BAC opened at $50.17 on Thursday. The firm has a market cap of $371.57 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.95 and a beta of 1.34. The stock has a 50 day simple moving average of $48.06 and a two-hundred day simple moving average of $44.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $50.92.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The business 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 revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 earnings per share. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Bank of America announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is 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.