Cobblestone Capital Advisors LLC NY Has $2.32 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Cobblestone Capital Advisors LLC NY lessened its holdings in Bank of America Co. (NYSE:BAC) by 14.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 52,770 shares of the financial services provider’s stock after selling 8,818 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Bank of America were worth $2,319,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Accent Capital Management LLC boosted its position in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the period. Summit Global Investments boosted its position in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its position in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Clarendon Private LLC acquired a new stake in Bank of America during the fourth quarter valued at $798,000. Finally, Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on BAC shares. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 4.7 %

Shares of BAC opened at $46.19 on Friday. Bank of America Co. has a 12-month low of $34.03 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $354.37 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. The stock’s 50-day moving average price is $45.78 and its 200 day moving average price is $43.56.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s dividend payout ratio is currently 32.30%.

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.