Bank of America Co. (NYSE:BAC) Position Raised by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. raised its position in shares of Bank of America Co. (NYSE:BAC) by 7.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 119,889 shares of the financial services provider’s stock after buying an additional 8,543 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Bank of America were worth $5,269,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Longfellow Investment Management Co. LLC grew its stake in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its stake in shares of Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares in the last quarter. Integrity Financial Corp WA grew its holdings in shares of Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the last quarter. Cahill Financial Advisors Inc. raised its position in shares of Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 249 shares during the period. Finally, Chicago Capital LLC lifted its holdings in shares of Bank of America by 1.8% during the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 250 shares during the last quarter. 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 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.58 during trading on Monday, reaching $45.39. The company’s stock had a trading volume of 30,205,261 shares, compared to its average volume of 24,856,730. The business’s fifty day moving average price is $45.17 and its 200-day moving average price is $42.01. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The firm has a market cap of $348.27 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.29%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

Several analysts have issued reports on BAC shares. Piper Sandler boosted their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.07.

Bank of America 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.