Meridian Wealth Management LLC Has $3.01 Million Stock Position in Bank of America Corporation $BAC

Meridian Wealth Management LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 54.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,308 shares of the financial services provider’s stock after acquiring an additional 20,591 shares during the quarter. Meridian Wealth Management LLC’s holdings in Bank of America were worth $3,008,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Oakworth Capital Inc. lifted its position in Bank of America by 36.7% during the 3rd quarter. Oakworth Capital Inc. now owns 25,025 shares of the financial services provider’s stock worth $1,291,000 after buying an additional 6,717 shares in the last quarter. Souders Financial Advisors increased its position in shares of Bank of America by 2.8% in the third quarter. Souders Financial Advisors now owns 23,239 shares of the financial services provider’s stock valued at $1,199,000 after acquiring an additional 623 shares during the last quarter. Fortem Financial Group LLC boosted its position in Bank of America by 3.0% during the third quarter. Fortem Financial Group LLC now owns 43,612 shares of the financial services provider’s stock valued at $2,250,000 after purchasing an additional 1,273 shares during the last quarter. Carrera Capital Advisors grew its stake in Bank of America by 3.6% in the third quarter. Carrera Capital Advisors now owns 9,091 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 315 shares in the last quarter. Finally, Transcend Capital Advisors LLC grew its stake in Bank of America by 2.3% in the third quarter. Transcend Capital Advisors LLC now owns 64,251 shares of the financial services provider’s stock valued at $3,315,000 after purchasing an additional 1,473 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $53.25 on Monday. The stock has a market cap of $388.86 billion, a PE ratio of 13.90, a P/E/G ratio of 1.30 and a beta of 1.29. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50-day moving average of $54.15 and a 200-day moving average of $51.60. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. During the same period in the prior year, the firm earned $0.82 EPS. The business’s revenue was up 12.3% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Daiwa Capital Markets cut their price objective on Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, January 27th. Seaport Research Partners upped their price target on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, January 15th. Finally, TD Cowen cut their target price on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.00.

Bank of America Company Profile

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.