Meridian Investment Counsel Inc. Has $3.46 Million Holdings in Bank of America Corporation (NYSE:BAC)

Meridian Investment Counsel Inc. reduced its position in Bank of America Corporation (NYSE:BAC) by 1.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 82,829 shares of the financial services provider’s stock after selling 1,070 shares during the period. Bank of America comprises 1.0% of Meridian Investment Counsel Inc.’s holdings, making the stock its 25th largest position. Meridian Investment Counsel Inc.’s holdings in Bank of America were worth $3,456,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. McGlone Suttner Wealth Management Inc. boosted its position in shares of Bank of America by 10.5% during the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 28,502 shares of the financial services provider’s stock worth $1,189,000 after purchasing an additional 2,706 shares in the last quarter. Viewpoint Capital Management LLC lifted its stake in shares of Bank of America by 0.3% in the first quarter. Viewpoint Capital Management LLC now owns 165,364 shares of the financial services provider’s stock worth $6,901,000 after buying an additional 445 shares in the last quarter. Whelan Financial increased its stake in shares of Bank of America by 145.5% in the first quarter. Whelan Financial now owns 11,387 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 6,748 shares in the last quarter. Burke & Herbert Bank & Trust Co. lifted its holdings in shares of Bank of America by 2.6% in the 1st quarter. Burke & Herbert Bank & Trust Co. now owns 47,494 shares of the financial services provider’s stock worth $1,982,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Sutton Place Investors LLC increased its position in Bank of America by 10.6% during the 1st quarter. Sutton Place Investors LLC now owns 8,471 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 809 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.5%

Shares of Bank of America stock opened at $48.94 on Friday. The firm has a market cap of $368.61 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $44.28 and a 200-day moving average price of $43.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

Several brokerages have commented on BAC. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an “outperform” rating in a research note on Monday, June 30th. Finally, Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.28.

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.