Mengis Capital Management Inc. Has $2.98 Million Stock Position in Bank of America Co. (NYSE:BAC)

Mengis Capital Management Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 108,668 shares of the financial services provider’s stock after selling 400 shares during the quarter. Mengis Capital Management Inc.’s holdings in Bank of America were worth $2,975,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. First Heartland Consultants Inc. raised its stake in Bank of America by 6.7% in the third quarter. First Heartland Consultants Inc. now owns 12,286 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 775 shares in the last quarter. Houlihan Financial Resource Group Ltd. acquired a new position in Bank of America during the third quarter worth about $599,000. Waters Parkerson & CO. LLC raised its stake in Bank of America by 1.1% during the third quarter. Waters Parkerson & CO. LLC now owns 1,209,002 shares of the financial services provider’s stock worth $33,102,000 after acquiring an additional 13,468 shares in the last quarter. CarsonAllaria Wealth Management Ltd. raised its stake in Bank of America by 41.6% during the third quarter. CarsonAllaria Wealth Management Ltd. now owns 3,403 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. Finally, RS Crum Inc. acquired a new position in Bank of America during the third quarter worth about $244,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on BAC shares. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. The Goldman Sachs Group boosted their price target on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Finally, Keefe, Bruyette & Woods upgraded Bank of America from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $29.00 to $30.00 in a report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.53.

Check Out Our Latest Stock Report on Bank of America

Insider Transactions at Bank of America

In other news, major shareholder Of America Corp /De/ Bank sold 17,769 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $9.94, for a total transaction of $176,623.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is owned by insiders.

Bank of America Trading Up 1.7 %

BAC traded up $0.55 during trading on Monday, hitting $33.62. The company’s stock had a trading volume of 33,939,621 shares, compared to its average volume of 42,726,066. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $35.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock’s fifty day moving average price is $32.95 and its 200-day moving average price is $30.10. The firm has a market capitalization of $266.06 billion, a P/E ratio of 11.00, a PEG ratio of 1.51 and a beta of 1.39.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. During the same period in the previous year, the firm earned $0.85 earnings per share. The company’s revenue was down 10.2% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.14 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Bank of America Profile

(Free Report)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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