Bank of America (BAC) Stake Lessened by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY decreased its position in Bank of America (NYSE:BAC) by 17.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 444,252 shares of the financial services provider’s stock after selling 91,993 shares during the period. Bank of America comprises approximately 1.3% of Cobblestone Capital Advisors LLC NY’s portfolio, making the stock its 17th biggest holding. Cobblestone Capital Advisors LLC NY’s holdings in Bank of America were worth $13,114,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Amalgamated Bank lifted its stake in Bank of America by 8.0% in the fourth quarter. Amalgamated Bank now owns 1,222,917 shares of the financial services provider’s stock worth $36,101,000 after acquiring an additional 90,998 shares during the period. Assetmark Inc. lifted its stake in Bank of America by 56.0% in the fourth quarter. Assetmark Inc. now owns 733,132 shares of the financial services provider’s stock worth $21,642,000 after acquiring an additional 263,088 shares during the period. Mengis Capital Management Inc. lifted its stake in Bank of America by 5.1% in the fourth quarter. Mengis Capital Management Inc. now owns 131,095 shares of the financial services provider’s stock worth $3,869,000 after acquiring an additional 6,415 shares during the period. Mackenzie Financial Corp lifted its stake in Bank of America by 44.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,462,731 shares of the financial services provider’s stock worth $367,900,000 after acquiring an additional 3,811,966 shares during the period. Finally, Eagle Global Advisors LLC purchased a new stake in Bank of America in the fourth quarter worth $9,765,000. Hedge funds and other institutional investors own 69.84% of the company’s stock.

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Shares of Bank of America stock opened at $29.80 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The firm has a market cap of $313,969.09, a price-to-earnings ratio of 16.28, a PEG ratio of 1.53 and a beta of 1.37. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. sell-side analysts anticipate that Bank of America will post 2.5 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.23%.

BAC has been the subject of a number of research analyst reports. Instinet dropped their price target on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets raised their price target on Bank of America to $34.00 and gave the stock an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. Vining Sparks reaffirmed a “buy” rating and issued a $34.00 price target on shares of Bank of America in a research note on Wednesday, January 17th. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a research note on Wednesday, January 10th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. Nine analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $30.97.

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

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

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