Cornerstone Select Advisors LLC Purchases Shares of 64,159 Bank of America Co. (NYSE:BAC)

Cornerstone Select Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 64,159 shares of the financial services provider’s stock, valued at approximately $2,820,000. Bank of America makes up about 2.7% of Cornerstone Select Advisors LLC’s holdings, making the stock its 6th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Nordea Investment Management AB raised its position in Bank of America by 7.6% in the 4th quarter. Nordea Investment Management AB now owns 1,539,680 shares of the financial services provider’s stock valued at $67,623,000 after buying an additional 109,386 shares during the last quarter. Insight Wealth Strategies LLC lifted its stake in Bank of America by 4.6% during the 4th quarter. Insight Wealth Strategies LLC now owns 8,151 shares of the financial services provider’s stock valued at $358,000 after acquiring an additional 359 shares in the last quarter. Diversified Trust Co grew its stake in shares of Bank of America by 29.7% in the 4th quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock worth $9,242,000 after acquiring an additional 48,209 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its holdings in shares of Bank of America by 10.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 1,116 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.6 %

Shares of NYSE BAC opened at $40.86 on Wednesday. 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 company has a market cap of $310.62 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The business has a 50-day simple moving average of $39.89 and a two-hundred day simple moving average of $43.50.

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, beating 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 company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.55%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $47.25.

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.