Cornerstone Wealth Group LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Cornerstone Wealth Group LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 346,634 shares of the financial services provider’s stock after acquiring an additional 1,058 shares during the period. Bank of America makes up approximately 1.1% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 18th largest holding. Cornerstone Wealth Group LLC’s holdings in Bank of America were worth $13,754,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. JFS Wealth Advisors LLC boosted its position in Bank of America by 202.1% in the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock valued at $735,000 after buying an additional 12,396 shares during the last quarter. SteelPeak Wealth LLC boosted its position in Bank of America by 13.6% in the third quarter. SteelPeak Wealth LLC now owns 61,811 shares of the financial services provider’s stock valued at $2,453,000 after buying an additional 7,418 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in Bank of America by 1.7% in the third quarter. Pinnacle Associates Ltd. now owns 984,690 shares of the financial services provider’s stock valued at $39,072,000 after buying an additional 16,392 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in Bank of America by 12.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 209,488 shares of the financial services provider’s stock worth $8,313,000 after purchasing an additional 22,492 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Bank of America by 393.7% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 177,063 shares of the financial services provider’s stock worth $7,552,000 after purchasing an additional 141,197 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Down 0.4 %

NYSE BAC opened at $42.34 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a fifty day moving average price of $40.44 and a 200 day moving average price of $39.73. The company has a market cap of $328.54 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.42 and a beta of 1.33. Bank of America Co. has a one year low of $25.72 and a one year high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 EPS. Research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock worth $4,548,920,425 in the last three months. 0.29% of the stock is owned by corporate insiders.

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.