Mendel Money Management Has $1.10 Million Holdings in Bank of America Corporation $BAC

Mendel Money Management trimmed its position in Bank of America Corporation (NYSE:BAC) by 44.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 21,310 shares of the financial services provider’s stock after selling 16,952 shares during the period. Mendel Money Management’s holdings in Bank of America were worth $1,099,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Brighton Jones LLC raised its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC increased its position in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 6,174 shares during the period. Retirement Planning Group LLC raised its stake in shares of Bank of America by 48.1% during the second quarter. Retirement Planning Group LLC now owns 10,890 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 3,535 shares during the last quarter. Caliber Wealth Management LLC KS lifted its holdings in shares of Bank of America by 10.6% during the second quarter. Caliber Wealth Management LLC KS now owns 17,685 shares of the financial services provider’s stock worth $837,000 after purchasing an additional 1,700 shares during the period. Finally, Forum Financial Management LP increased its holdings in Bank of America by 5.9% in the second quarter. Forum Financial Management LP now owns 110,624 shares of the financial services provider’s stock valued at $5,235,000 after purchasing an additional 6,117 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on BAC. CICC Research initiated coverage on Bank of America in a research report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price target on the stock. Oppenheimer increased their target price on shares of Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Barclays raised their price target on shares of Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Finally, HSBC lifted their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: BofA will launch a no?fee BofA Rewards program that expands eligibility to over 30 million checking clients, aiming to deepen deposits, card usage and wealth relationships — a clear retail growth and cross?sell initiative. New BofA Rewards™ Program to Reach Millions More Clients with Expanded Benefits
• Positive Sentiment: Regulatory talk about easing capital rules could allow big banks (WFC, BAC, JPM) to regain mortgage market share from non?bank lenders, potentially boosting loan volumes and fee income for BofA. The Zacks Analyst Blog Rocket, PennyMac , Wells Fargo , Bank of America and JPMorgan
• Neutral Sentiment: Bank of America Private Bank has launched an art consulting service to serve wealthy clients — a niche offering that can support loan demand and deepen relationships but is likely immaterial to near?term revenues. BofA offers art consulting to wealthy clients as collectors increase loans demand
• Negative Sentiment: An internal memo shows BofA will commit $25 billion of its own cash to private?credit deals — a move that can lift yield but increases direct credit and liquidity exposure amid signs of stress in parts of the private?credit market. Markets often view large proprietary commitments as a risk to capital stability. BofA commits $25 billion to private-credit deals, memo shows
• Negative Sentiment: Reports that Warren Buffett trimmed Berkshire’s BofA position have fed negative sentiment — large, well?known investors reducing exposure can pressure the stock even if fundamentals remain intact. Warren Buffett Sold 29% of Bank of America and Bought This Consumer Stock for 4 Consecutive Quarters
• Negative Sentiment: Coverage that BofA sharply increased a stake in a struggling crypto stock raises questions about trading/position risk and oversight — a headline that can dent investor confidence. Bank of America hikes stake in sinking crypto stock by 1,668%

Bank of America Trading Down 1.1%

NYSE:BAC opened at $52.75 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $385.24 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 1.30 and a beta of 1.29. The firm has a fifty day simple moving average of $54.33 and a two-hundred day simple moving average of $52.17.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same period last year, the business posted $0.82 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 3.7 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 27th. Stockholders of record on Friday, March 6th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s dividend payout ratio is presently 29.24%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.