Cornerstone Wealth Group LLC Has $13.74 Million Holdings in Bank of America Co. (NYSE:BAC)

Cornerstone Wealth Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 1.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 345,576 shares of the financial services provider’s stock after purchasing an additional 6,378 shares during the period. Bank of America makes up approximately 1.2% of Cornerstone Wealth Group LLC’s holdings, making the stock its 17th biggest position. Cornerstone Wealth Group LLC’s holdings in Bank of America were worth $13,744,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. JB Capital LLC raised its stake in shares of Bank of America by 4.2% in the second quarter. JB Capital LLC now owns 12,030 shares of the financial services provider’s stock valued at $478,000 after purchasing an additional 484 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. raised its stake in shares of Bank of America by 30.1% in the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 7,765 shares of the financial services provider’s stock valued at $309,000 after buying an additional 1,796 shares in the last quarter. Arcus Capital Partners LLC lifted its holdings in shares of Bank of America by 7.9% during the 2nd quarter. Arcus Capital Partners LLC now owns 7,031 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 515 shares during the period. DT Investment Partners LLC boosted its position in shares of Bank of America by 37.4% during the 2nd quarter. DT Investment Partners LLC now owns 13,635 shares of the financial services provider’s stock valued at $542,000 after acquiring an additional 3,714 shares in the last quarter. Finally, Trust Co of Kansas bought a new stake in Bank of America in the second quarter valued at about $214,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,768,513 shares of company stock worth $2,807,216,504. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.07.

Bank of America Trading Up 1.4 %

Shares of BAC traded up $0.53 during trading hours on Friday, hitting $39.77. 43,903,238 shares of the stock traded hands, compared to its average volume of 39,207,254. The business has a fifty day moving average of $40.19 and a 200-day moving average of $37.98. The firm has a market capitalization of $311.02 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue was up .7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America’s dividend payout ratio is presently 35.99%.

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.