Bank of America Corporation (NYSE:BAC) Shares Bought by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC boosted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 7.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 271,412 shares of the financial services provider's stock after buying an additional 17,687 shares during the period. Bank of America makes up about 0.9% of Cornerstone Wealth Group LLC's investment portfolio, making the stock its 27th largest position. Cornerstone Wealth Group LLC's holdings in Bank of America were worth $11,326,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the period. Amundi raised its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp grew its position in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Evercore ISI dropped 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 research note on Tuesday, April 1st. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Finally, Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.56.

Bank of America Stock Performance

Bank of America stock traded up $0.66 during mid-day trading on Thursday, reaching $47.51. The company's stock had a trading volume of 40,075,726 shares, compared to its average volume of 39,865,895. The firm has a market cap of $357.83 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. The business has a 50 day moving average price of $42.91 and a 200-day moving average price of $43.33. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) 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. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Bank of America Company 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.