Meriwether Wealth & Planning LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

Meriwether Wealth & Planning LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,573 shares of the financial services provider's stock, valued at approximately $772,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Lederer & Associates Investment Counsel CA grew its position in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Prossimo Advisors LLC lifted its stake in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC grew its holdings in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after buying an additional 222 shares during the last quarter. Keudell Morrison Wealth Management increased its position in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC raised its stake in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider's stock worth $382,000 after acquiring an additional 226 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.64.

Bank of America Price Performance

BAC stock traded up $0.10 during midday trading on Wednesday, reaching $39.71. The stock had a trading volume of 13,130,451 shares, compared to its average volume of 35,929,025. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a market cap of $301.94 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company's fifty day simple moving average is $45.44 and its 200 day simple moving average is $43.76. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm posted $0.70 earnings per share. The company's revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

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.