Cornerstone Advisors LLC Has $31.34 Million Position in Bank of America Corporation $BAC

Cornerstone Advisors LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 32.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 662,200 shares of the financial services provider’s stock after buying an additional 161,900 shares during the period. Bank of America accounts for about 1.1% of Cornerstone Advisors LLC’s holdings, making the stock its 18th biggest holding. Cornerstone Advisors LLC’s holdings in Bank of America were worth $31,335,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC boosted its position in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new position in Bank of America during the second quarter valued at about $33,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.6%

NYSE BAC opened at $52.57 on Friday. The stock has a market cap of $383.88 billion, a P/E ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The stock has a 50 day simple moving average of $51.63 and a two-hundred day simple moving average of $48.05. 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 (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America declared that its board has initiated a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Evercore ISI upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Finally, Citigroup raised their price objective on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.86.

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.