Canandaigua National Corp Cuts Position in Bank of America Co. (NYSE:BAC)


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Canandaigua National Corp trimmed its stake in Bank of America Co. (NYSE:BAC) by 17.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,170 shares of the financial services provider’s stock after selling 23,336 shares during the period. Canandaigua National Corp’s holdings in Bank of America were worth $4,185,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Bank of America by 9.2% in the 4th quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock valued at $5,968,784,000 after acquiring an additional 16,517,775 shares during the period. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at about $2,901,869,000. Nuveen Asset Management LLC raised its holdings in Bank of America by 7.0% in the 4th quarter. Nuveen Asset Management LLC now owns 49,052,067 shares of the financial services provider’s stock worth $1,486,768,000 after purchasing an additional 3,226,700 shares during the period. Primecap Management Co. CA raised its holdings in Bank of America by 3.6% in the 4th quarter. Primecap Management Co. CA now owns 40,851,261 shares of the financial services provider’s stock worth $1,238,202,000 after purchasing an additional 1,418,300 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Bank of America by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 38,005,736 shares of the financial services provider’s stock worth $1,151,954,000 after buying an additional 1,376,222 shares in the last quarter. 68.10% of the stock is owned by institutional investors and hedge funds.

Bank of America stock traded down $0.46 during trading hours on Thursday, hitting $39.59. The company had a trading volume of 1,187,601 shares, compared to its average volume of 55,645,949. The firm’s fifty day moving average is $37.14 and its 200-day moving average is $30.45. Bank of America Co. has a fifty-two week low of $20.10 and a fifty-two week high of $40.28. The firm has a market capitalization of $341.55 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm had revenue of $20.10 billion during the quarter, compared to the consensus estimate of $20.76 billion. During the same period in the prior year, the firm earned $0.74 EPS. The business’s revenue was down 9.9% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 1.84 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 5th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Thursday, March 4th. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.

Bank of America announced that its board has authorized a stock repurchase plan on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

A number of research analysts recently commented on BAC shares. Barclays upped their price objective on Bank of America from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Friday, January 22nd. Piper Sandler increased their target price on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 11th. Credit Suisse Group raised their price objective on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Finally, Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price target on the stock in a report on Tuesday, January 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Bank of America has a consensus rating of “Buy” and a consensus target price of $34.55.

Bank of America Company 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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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

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