Bank of America Corp (NYSE:BAC) Shares Acquired by Meridian Management Co.
Meridian Management Co. lifted its position in shares of Bank of America Corp (NYSE:BAC) by 11.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 102,836 shares of the financial services provider’s stock after buying an additional 10,839 shares during the quarter. Bank of America makes up about 1.3% of Meridian Management Co.’s holdings, making the stock its 23rd largest position. Meridian Management Co.’s holdings in Bank of America were worth $2,982,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC grew its position in Bank of America by 9.3% in the 4th quarter. AE Wealth Management LLC now owns 109,999 shares of the financial services provider’s stock valued at $2,710,000 after buying an additional 9,391 shares during the last quarter. Cahill Financial Advisors Inc. grew its position in Bank of America by 4.1% in the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock valued at $232,000 after buying an additional 369 shares during the last quarter. M Holdings Securities Inc. grew its position in Bank of America by 3.2% in the 4th quarter. M Holdings Securities Inc. now owns 93,381 shares of the financial services provider’s stock valued at $2,301,000 after buying an additional 2,908 shares during the last quarter. Colony Group LLC grew its position in Bank of America by 13.2% in the 4th quarter. Colony Group LLC now owns 44,561 shares of the financial services provider’s stock valued at $1,098,000 after buying an additional 5,204 shares during the last quarter. Finally, Capital Financial Planning LLC purchased a new position in Bank of America in the 4th quarter valued at $103,000. 68.50% of the stock is owned by institutional investors and hedge funds.
BAC has been the topic of a number of analyst reports. Berenberg Bank set a $30.00 price objective on shares of Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Wednesday, July 10th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Morgan Stanley set a $31.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Hold” and an average price target of $32.75.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 EPS. On average, equities research analysts expect that Bank of America Corp will post 2.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is 22.99%.
Bank of America declared that its board has initiated a stock repurchase program on Thursday, June 27th that permits the company to buyback $30.90 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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