Bank of America Corp (BAC) Holdings Cut by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY reduced its position in shares of Bank of America Corp (NYSE:BAC) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 428,497 shares of the financial services provider’s stock after selling 14,004 shares during the quarter. Bank of America accounts for 1.1% of Cobblestone Capital Advisors LLC NY’s investment portfolio, making the stock its 27th biggest holding. Cobblestone Capital Advisors LLC NY’s holdings in Bank of America were worth $10,558,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BAC. NewSquare Capital LLC increased its stake in shares of Bank of America by 50.0% in the fourth quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. Mackey Komara & Dankovich LLC acquired a new position in shares of Bank of America in the fourth quarter worth $54,000. Watermark Asset Management Inc. increased its stake in shares of Bank of America by 24.3% in the fourth quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 508 shares during the last quarter. Arlington Partners LLC acquired a new position in shares of Bank of America in the third quarter worth $118,000. Finally, First Bank & Trust increased its stake in shares of Bank of America by 15.3% in the fourth quarter. First Bank & Trust now owns 4,363 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 578 shares during the last quarter. 64.81% of the stock is currently owned by institutional investors.

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Shares of NYSE:BAC opened at $28.70 on Thursday. The firm has a market capitalization of $293.89 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $33.05. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. The firm had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. As a group, equities analysts anticipate that Bank of America Corp will post 2.85 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio is presently 22.99%.

A number of equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Monday, January 21st. Jefferies Financial Group upped their price target on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wells Fargo & Co set a $36.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a report on Wednesday, January 16th. Finally, Barclays reiterated a “hold” rating on shares of Bank of America in a report on Thursday, January 17th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Bank of America has an average rating of “Hold” and an average price target of $33.18.

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

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