Cobblestone Capital Advisors LLC NY Purchases 9,696 Shares of Bank of America Co. (NYSE:BAC)

Cobblestone Capital Advisors LLC NY lifted its position in Bank of America Co. (NYSE:BAC) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 650,725 shares of the financial services provider’s stock after purchasing an additional 9,696 shares during the quarter. Bank of America comprises about 1.5% of Cobblestone Capital Advisors LLC NY’s investment portfolio, making the stock its 18th biggest position. Cobblestone Capital Advisors LLC NY’s holdings in Bank of America were worth $19,723,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Princeton Global Asset Management LLC increased its holdings in shares of Bank of America by 3.8% in the fourth quarter. Princeton Global Asset Management LLC now owns 83,443 shares of the financial services provider’s stock worth $2,529,000 after purchasing an additional 3,081 shares during the last quarter. Premier Fund Managers Ltd increased its holdings in shares of Bank of America by 66.5% in the fourth quarter. Premier Fund Managers Ltd now owns 1,091,000 shares of the financial services provider’s stock worth $32,714,000 after purchasing an additional 435,600 shares during the last quarter. Swedbank increased its holdings in shares of Bank of America by 1.9% in the fourth quarter. Swedbank now owns 4,878,260 shares of the financial services provider’s stock worth $146,250,000 after purchasing an additional 92,507 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Bank of America in the fourth quarter worth about $337,000. Finally, Vectors Research Management LLC increased its holdings in shares of Bank of America by 1.9% in the fourth quarter. Vectors Research Management LLC now owns 26,378 shares of the financial services provider’s stock worth $800,000 after purchasing an additional 480 shares during the last quarter. 68.10% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently issued reports on BAC shares. Royal Bank of Canada lifted their target price on Bank of America from $28.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Piper Sandler lifted their price target on Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 11th. Smith Barney Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating in a research report on Monday, January 11th. Atlantic Securities upgraded Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price target for the company in a research report on Tuesday, January 26th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and lifted their price target for the stock from $27.00 to $36.00 in a research report on Tuesday, January 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $33.13.

Shares of NYSE BAC traded up $0.69 during trading hours on Tuesday, reaching $35.84. The stock had a trading volume of 1,392,150 shares, compared to its average volume of 51,915,648. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The firm has a market cap of $310.04 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 2.13 and a beta of 1.59. The business’s fifty day moving average price is $32.38 and its two-hundred day moving average price is $27.88. Bank of America Co. has a 52-week low of $17.95 and a 52-week high of $35.25.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The firm had revenue of $20.10 billion during the quarter, compared to analyst estimates of $20.76 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. Bank of America’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 5th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.01%. Bank of America’s payout ratio is 24.49%.

Bank of America announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 19th that permits the company to repurchase $2.90 billion in shares. This repurchase authorization permits the financial services provider to buy up to 1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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

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