Cornerstone Wealth Management LLC Sells 442 Shares of Bank of America Co. (NYSE:BAC)

Cornerstone Wealth Management LLC lessened its position in Bank of America Co. (NYSE:BAC) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

Several other institutional investors also recently modified their holdings of the company. Alps Advisors Inc. lifted its holdings in Bank of America by 4.0% during the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock valued at $946,000 after purchasing an additional 1,333 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Bank of America by 2.5% during the 3rd quarter. Schroder Investment Management Group now owns 4,230,403 shares of the financial services provider’s stock worth $115,828,000 after buying an additional 103,325 shares during the last quarter. Redwood Grove Capital LLC boosted its holdings in shares of Bank of America by 6.5% during the 3rd quarter. Redwood Grove Capital LLC now owns 325,700 shares of the financial services provider’s stock worth $8,918,000 after buying an additional 20,000 shares during the period. Royal London Asset Management Ltd. grew its stake in Bank of America by 3.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 2,843,772 shares of the financial services provider’s stock valued at $77,848,000 after buying an additional 99,146 shares during the last quarter. Finally, Cito Capital Group LLC raised its holdings in Bank of America by 1.9% in the 3rd quarter. Cito Capital Group LLC now owns 52,370 shares of the financial services provider’s stock valued at $1,434,000 after acquiring an additional 1,000 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on BAC. Piper Sandler upped their target price on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $40.02.

Bank of America Price Performance

Bank of America stock opened at $40.90 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $41.20. The stock has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. The stock has a fifty day moving average of $39.06 and a 200-day moving average of $36.25.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. Bank of America’s dividend payout ratio is currently 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.