Cornerstone Capital Management Holdings LLC. lessened its position in Bank of America Corp (NYSE:BAC) by 17.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,631,357 shares of the financial services provider’s stock after selling 744,169 shares during the period. Bank of America makes up about 0.7% of Cornerstone Capital Management Holdings LLC.’s holdings, making the stock its 18th largest position. Cornerstone Capital Management Holdings LLC.’s holdings in Bank of America were worth $92,017,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BAC. Lbmc Investment Advisors LLC boosted its position in shares of Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after buying an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. boosted its position in shares of Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after buying an additional 54 shares during the last quarter. Altavista Wealth Management Inc. boosted its position in shares of Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after buying an additional 68 shares during the last quarter. Alpha Omega Wealth Management LLC boosted its position in shares of Bank of America by 0.3% during the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock valued at $613,000 after buying an additional 76 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management boosted its position in shares of Bank of America by 0.9% during the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock valued at $278,000 after buying an additional 98 shares during the last quarter. 69.34% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently issued reports on BAC shares. JPMorgan Chase & Co. lifted their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Credit Suisse Group raised Bank of America to an “outperform” rating and lifted their target price for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $30.17.

Bank of America Corp (BAC) opened at $31.25 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67. The firm has a market capitalization of $320,963.75, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 1.58 and a beta of 1.41.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. equities analysts expect that Bank of America Corp will post 2.46 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s payout ratio is presently 30.97%.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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