Cobblestone Capital Advisors LLC NY Decreases Position in Bank of America Co. (NYSE:BAC)

Cobblestone Capital Advisors LLC NY decreased its stake in Bank of America Co. (NYSE:BAC) by 14.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,770 shares of the financial services provider’s stock after selling 8,818 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Bank of America were worth $2,319,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter worth about $25,000. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the fourth quarter valued at about $42,000. Finally, POM Investment Strategies LLC boosted its holdings in Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 4.7 %

Shares of Bank of America stock opened at $46.19 on Friday. The business’s fifty day moving average price is $45.78 and its two-hundred day moving average price is $43.56. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $354.37 billion, a P/E ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 1-year low of $34.03 and a 1-year high of $48.08.

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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

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.