Cornerstone Wealth Management LLC Has $2.77 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Cornerstone Wealth Management LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Hengehold Capital Management LLC lifted its position in shares of Bank of America by 3.8% during the fourth quarter. Hengehold Capital Management LLC now owns 8,113 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 300 shares in the last quarter. Cerro Pacific Wealth Advisors LLC boosted its holdings in Bank of America by 4.8% during the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 16,344 shares of the financial services provider’s stock worth $718,000 after purchasing an additional 753 shares during the last quarter. Red Door Wealth Management LLC grew its position in Bank of America by 6.5% in the 4th quarter. Red Door Wealth Management LLC now owns 178,231 shares of the financial services provider’s stock worth $7,833,000 after purchasing an additional 10,800 shares in the last quarter. Finally, Goldstein Advisors LLC increased its stake in Bank of America by 13.3% in the 4th quarter. Goldstein Advisors LLC now owns 7,515 shares of the financial services provider’s stock valued at $330,000 after buying an additional 885 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $46.41 on Friday. The firm has a 50 day moving average of $45.81 and a 200-day moving average of $42.55. The firm has a market capitalization of $356.13 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. 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 (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Evercore ISI reduced their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.