Meridian Wealth Management LLC Boosts Holdings in Bank of America Corp (BAC)

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 (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the company earned $0.41 earnings per share. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. equities analysts predict that Bank of America Corp will post 1.79 EPS for the current year.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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