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

Cornerstone Wealth Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 63,475 shares of the financial services provider’s stock after selling 442 shares during the period. Cornerstone Wealth Management LLC’s holdings in Bank of America were worth $2,407,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Bank of America in the 4th quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC increased its position in Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors grew its position in Bank of America by 12.1% during the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock valued at $1,353,216,000 after buying an additional 4,338,679 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Jefferies Financial Group upped their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Piper Sandler lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.02.

Bank of America Price Performance

Shares of Bank of America stock opened at $40.90 on Friday. The firm has a market cap of $319.85 billion, a PE ratio of 14.15, a PEG ratio of 1.56 and a beta of 1.35. The stock has a 50 day moving average of $39.06 and a 200 day moving average of $36.25. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.20.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. On average, research analysts expect that Bank of America Co. will post 3.22 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 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

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.