Meridian Wealth Management LLC grew its holdings in Bank of America Corp (NYSE:BAC) by 7.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,358 shares of the financial services provider’s stock after acquiring an additional 10,706 shares during the period. Bank of America comprises approximately 2.4% of Meridian Wealth Management LLC’s portfolio, making the stock its 11th largest position. Meridian Wealth Management LLC’s holdings in Bank of America were worth $3,760,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of BAC. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the second quarter worth $100,000. Chicago Partners Investment Group LLC grew its stake in shares of Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the second quarter worth $115,000. Bristlecone Advisors LLC acquired a new position in shares of Bank of America during the third quarter worth $128,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. grew its stake in shares of Bank of America by 47.1% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 1,850 shares in the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) opened at $29.90 on Wednesday. Bank of America Corp has a 1 year low of $22.01 and a 1 year high of $30.03. The firm has a market cap of $307,911.63, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.72 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. Bank of America’s payout ratio is 27.43%.
A number of equities analysts recently commented on BAC shares. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price for the company in a research note on Tuesday, November 7th. Finally, UBS Group set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and three have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $27.14.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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