Meridian Wealth Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Meridian Wealth Management LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 8.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,776 shares of the financial services provider’s stock after acquiring an additional 2,444 shares during the quarter. Meridian Wealth Management LLC’s holdings in Bank of America were worth $1,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Kelly Financial Group LLC purchased a new stake in Bank of America during the 4th quarter valued at about $335,000. Mission Wealth Management LP boosted its holdings in Bank of America by 2.9% during the 4th quarter. Mission Wealth Management LP now owns 117,345 shares of the financial services provider’s stock valued at $5,157,000 after acquiring an additional 3,329 shares during the period. Financial Council LLC boosted its holdings in Bank of America by 6.8% during the 4th quarter. Financial Council LLC now owns 10,706 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 685 shares during the period. Auxano Advisors LLC boosted its holdings in Bank of America by 2.8% during the 4th quarter. Auxano Advisors LLC now owns 23,618 shares of the financial services provider’s stock valued at $1,038,000 after acquiring an additional 647 shares during the period. Finally, Fidelis Capital Partners LLC boosted its holdings in Bank of America by 650.9% during the 4th quarter. Fidelis Capital Partners LLC now owns 258,157 shares of the financial services provider’s stock valued at $11,929,000 after acquiring an additional 223,779 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Oppenheimer increased 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.3 %

Bank of America stock opened at $45.51 on Tuesday. The firm has a market cap of $346.09 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 1.21 and a beta of 1.33. The stock has a fifty day simple moving average of $45.81 and a two-hundred day simple moving average of $43.67. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. Equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. Bank of America’s dividend payout ratio (DPR) 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.