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

Meridian Wealth Advisors LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 90.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,591 shares of the financial services provider's stock after selling 70,116 shares during the quarter. Meridian Wealth Advisors LLC's holdings in Bank of America were worth $334,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BAC. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter worth approximately $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC grew its stake in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 361 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.47 during midday trading on Wednesday, reaching $42.81. The company's stock had a trading volume of 30,007,296 shares, compared to its average volume of 35,841,962. The firm has a market capitalization of $325.45 billion, a PE ratio of 13.29, a P/E/G ratio of 1.21 and a beta of 1.32. The stock has a fifty day moving average of $44.63 and a 200 day moving average of $43.86. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. The firm's revenue was up 15.0% on a year-over-year basis. On average, equities analysts expect 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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Finally, Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.45.

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.