Mengis Capital Management Inc. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Mengis Capital Management Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Moneta Group Investment Advisors LLC grew its position in Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the period. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at about $3,436,543,000. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Snider Financial Group lifted its holdings in shares of Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after purchasing an additional 11,332,721 shares in the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.55 during midday 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 1-year low of $24.96 and a 1-year high of $35.99. The firm’s fifty day moving average price is $32.95 and its 200-day moving average price is $30.10. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $266.06 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.51 and a beta of 1.39.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. Bank of America’s revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.85 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.14 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Insider Buying and Selling at Bank of America

In related news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of the company’s stock in a transaction on Wednesday, December 27th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the transaction, the insider now owns 5,398 shares of the company’s stock, valued at $57,002.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Odeon Capital Group downgraded shares of 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. The Goldman Sachs Group raised their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $29.00 to $30.00 in a research report on Monday, November 6th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Oppenheimer raised their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.53.

Get Our Latest Research Report on BAC

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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