Mengis Capital Management Inc. Has $4.33 Million Stake in Bank of America Corporation $BAC

Mengis Capital Management Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,557 shares of the financial services provider’s stock after selling 5,518 shares during the quarter. Bank of America accounts for approximately 0.9% of Mengis Capital Management Inc.’s investment portfolio, making the stock its 28th largest position. Mengis Capital Management Inc.’s holdings in Bank of America were worth $4,332,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Brighton Jones LLC raised its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. GAMMA Investing LLC raised its stake in Bank of America by 8.2% during the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock worth $4,654,000 after acquiring an additional 8,435 shares in the last quarter. Trueblood Wealth Management LLC acquired a new position in Bank of America during the first quarter worth about $214,000. Baker Ellis Asset Management LLC raised its stake in Bank of America by 11.9% during the first quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock worth $677,000 after acquiring an additional 1,730 shares in the last quarter. Finally, Simon Quick Advisors LLC grew its holdings in shares of Bank of America by 11.8% during the first quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock worth $18,576,000 after purchasing an additional 47,036 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research reports. Morgan Stanley boosted their price target on Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Oppenheimer reduced their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Tuesday, September 23rd. Wells Fargo & Company boosted their price target on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Finally, Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.11.

Insider Activity

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $49.71 on Friday. The business’s 50 day simple moving average is $49.55 and its 200 day simple moving average is $45.46. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The stock has a market capitalization of $368.20 billion, a PE ratio of 14.54, a PEG ratio of 1.93 and a beta of 1.33. 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 (NYSE:BAC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same period in the prior year, the business posted $0.83 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a $0.28 dividend. The ex-dividend date was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

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