Cornerstone Advisory LLC Raises Position in Bank of America Co. (NYSE:BAC)

Cornerstone Advisory LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 8.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 23,865 shares of the financial services provider’s stock after acquiring an additional 1,827 shares during the quarter. Cornerstone Advisory LLC’s holdings in Bank of America were worth $1,121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA grew its holdings in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co grew its holdings in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares during the last quarter. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the last quarter. Marino Stram & Associates LLC grew its holdings in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $43.21 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $40.27 and its 200-day moving average is $43.59. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market capitalization of $325.43 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.