Crestwood Advisors Group LLC Has $23.24 Million Stake in Bank of America Co. (NYSE:BAC)

Crestwood Advisors Group LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 528,727 shares of the financial services provider’s stock after selling 15,003 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $23,238,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Kennebec Savings Bank bought a new position in Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC increased its position 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 worth $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter worth about $42,000. Finally, POM Investment Strategies LLC lifted its position in Bank of America by 1,306.5% during the 4th 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 period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.80 on Monday. The company has a fifty day moving average price of $45.75 and a 200 day moving average price of $43.41. Bank of America Co. has a 1-year low of $33.37 and a 1-year high of $48.08. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.70 earnings per share. Research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Evercore ISI lowered their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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