Cornerstone Wealth Management LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Cornerstone Wealth Management LLC increased its stake in Bank of America Co. (NYSE:BAC) by 0.6% in the 4th quarter, Holdings Channel reports. The fund owned 62,921 shares of the financial services provider’s stock after buying an additional 365 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Bank of America were worth $2,765,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC boosted its stake in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in shares of Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4 %

NYSE:BAC opened at $46.41 on Friday. The company has a 50 day simple moving average of $45.81 and a two-hundred day simple moving average of $42.55. The company has a market cap of $356.13 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Profile

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.