Meridian Wealth Partners LLC Purchases New Position in Bank of America Co. (NYSE:BAC)

Meridian Wealth Partners LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel reports. The fund acquired 7,199 shares of the financial services provider’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in Bank of America during the fourth quarter worth $32,000. ZRC Wealth Management LLC increased its position in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its stake in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2 %

Shares of Bank of America stock traded down $0.08 during trading on Friday, reaching $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a 50-day simple moving average of $36.13 and a two-hundred day simple moving average of $32.76. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. Keefe, Bruyette & Woods upped their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Jefferies Financial Group upped their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $38.53.

About Bank of America

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.