Mengis Capital Management Inc. Sells 995 Shares of Bank of America Co. (NYSE:BAC)

Mengis Capital Management Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,222 shares of the financial services provider’s stock after selling 995 shares during the quarter. Bank of America accounts for 0.9% of Mengis Capital Management Inc.’s portfolio, making the stock its 29th largest position. Mengis Capital Management Inc.’s holdings in Bank of America were worth $4,405,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BAC. Geode Capital Management LLC lifted its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC boosted its holdings in Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after acquiring an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after acquiring an additional 59,853 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Bank of America by 1.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 15,857,556 shares of the financial services provider’s stock valued at $696,940,000 after acquiring an additional 285,117 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAC. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $44.48 on Tuesday. Bank of America Co. has a 12-month low of $33.53 and a 12-month high of $48.08. The business’s fifty day simple moving average is $45.73 and its 200-day simple moving average is $43.46. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $341.25 billion, a PE ratio of 13.81, a PEG ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.