Mengis Capital Management buys $1,403,928 stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Mengis Capital Management scooped up 2,975 additional shares in Bank of America Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 94,350 shares of Bank of America Corp which is valued at $1,403,928.Bank of America Corp makes up approximately 1.19% of Mengis Capital Management’s portfolio.

Other Hedge Funds, Including , Amica Mutual Insurance Co reduced its stake in BAC by selling 229,984 shares or 39.56% in the most recent quarter. The Hedge Fund company now holds 351,434 shares of BAC which is valued at $5,088,764. Bank of America Corp makes up approx 0.48% of Amica Mutual Insurance Co’s portfolio.Umb Bank N Amo boosted its stake in BAC in the latest quarter, The investment management firm added 413 additional shares and now holds a total of 48,399 shares of Bank of America Corp which is valued at $708,077. Bank of America Corp makes up approx 0.03% of Umb Bank N Amo’s portfolio.Rnc Capital Management boosted its stake in BAC in the latest quarter, The investment management firm added 9,876 additional shares and now holds a total of 287,639 shares of Bank of America Corp which is valued at $4,208,159. Bank of America Corp makes up approx 0.38% of Rnc Capital Management’s portfolio.Mercer Capital Advisers boosted its stake in BAC in the latest quarter, The investment management firm added 12 additional shares and now holds a total of 16,750 shares of Bank of America Corp which is valued at $240,865. Bank of America Corp makes up approx 0.19% of Mercer Capital Advisers’s portfolio.

Bank of America Corp opened for trading at $14.97 and hit $15.03 on the upside on Monday, eventually ending the session at $15.02, with a gain of 0.74% or 0.11 points. The heightened volatility saw the trading volume jump to 4,85,92,071 shares. Company has a market cap of $153,276 M.

On the company’s financial health, Bank of America Corp reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $0.33. The company had revenue of $20600.00 million for the quarter, compared to analysts expectations of $20518.78 million. The company’s revenue was down -7.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.45 EPS.

Many Wall Street Analysts have commented on Bank of America Corp. Berenberg Initiated Bank of America Corp on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $15.Bank of America Corp was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 2016. Bank of America Corp was Downgraded by Keefe Bruyette to ” Mkt Perform” on May 16, 2016.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution serving individual consumers small- and middle-market businesses institutional investors corporations and Governments with a range of banking investing asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking which offers a range of credit banking and investment products and services to consumers and businesses; Consumer Real Estate Services which provides a line of consumer real estate products and services; Global Wealth & Investment Management which provides wealth management solutions; Global Banking which provides a range of lending-related products and services and Global Markets which offers sales and trading services.

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