Cobblestone Capital Advisors LLC NY increased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 650,725 shares of the financial services provider’s stock after purchasing an additional 9,696 shares during the period. Bank of America accounts for approximately 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.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clark Financial Advisors acquired a new position in shares of Bank of America during the 4th quarter worth about $29,000. JJJ Advisors Inc. raised its position in shares of Bank of America by 259.2% during the 4th quarter. JJJ Advisors Inc. now owns 1,049 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 757 shares during the last quarter. Clean Yield Group raised its holdings in Bank of America by 90.9% in the 4th quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Phoenix Wealth Advisors acquired a new stake in Bank of America in the 4th quarter valued at about $32,000. Finally, Founders Capital Management acquired a new stake in Bank of America in the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 68.10% of the company’s stock.
Shares of NYSE:BAC traded up $0.69 during mid-day trading on Tuesday, reaching $35.84. 1,392,150 shares of the company were exchanged, compared to its average volume of 51,915,648. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. 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 firm’s 50-day simple moving average is $32.38 and its 200 day simple moving average is $27.88. Bank of America Co. has a 1 year low of $17.95 and a 1 year high of $35.25.
Bank of America declared that its Board of Directors has approved a stock buyback plan on Tuesday, January 19th that allows the company to repurchase $2.90 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 5th will be given a $0.18 dividend. The ex-dividend date is Thursday, March 4th. This represents a $0.72 annualized dividend and a yield of 2.01%. Bank of America’s dividend payout ratio is presently 24.49%.
A number of analysts have commented on BAC shares. Morgan Stanley increased their price objective on shares of Bank of America from $34.00 to $36.00 and gave the company an “underweight” rating in a report on Wednesday, January 20th. Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a report on Monday, January 11th. Credit Suisse Group increased their price objective on shares of Bank of America from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Piper Sandler increased their price objective on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 11th. Finally, UBS Group set a $30.00 price objective on shares of Bank of America and gave the company a “neutral” rating in a report on Tuesday, January 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company. Bank of America currently has an average rating of “Buy” and a consensus target price of $33.13.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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