Crestwood Advisors Group LLC lifted its position in Bank of America Co. (NYSE:BAC) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,726,297 shares of the financial services provider’s stock after buying an additional 142,261 shares during the quarter. Bank of America comprises approximately 1.7% of Crestwood Advisors Group LLC’s holdings, making the stock its 10th largest position. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $52,324,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Clear Harbor Asset Management LLC boosted its stake in Bank of America by 4.9% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 25,302 shares of the financial services provider’s stock valued at $610,000 after purchasing an additional 1,190 shares during the period. Steel Peak Wealth Management LLC lifted its holdings in shares of Bank of America by 239.2% during the third quarter. Steel Peak Wealth Management LLC now owns 82,105 shares of the financial services provider’s stock worth $1,978,000 after buying an additional 57,896 shares during the last quarter. NewFocus Financial Group LLC bought a new stake in shares of Bank of America in the third quarter valued at approximately $893,000. Krueger & Catalano Capital Partners LLC grew its stake in shares of Bank of America by 63.4% in the third quarter. Krueger & Catalano Capital Partners LLC now owns 31,183 shares of the financial services provider’s stock worth $751,000 after acquiring an additional 12,094 shares during the last quarter. Finally, Altium Wealth Management LLC increased its position in Bank of America by 1.5% during the third quarter. Altium Wealth Management LLC now owns 80,038 shares of the financial services provider’s stock worth $1,928,000 after acquiring an additional 1,184 shares during the period. 68.10% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have commented on BAC. Atlantic Securities upgraded Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price objective for the company in a research report on Tuesday, January 26th. Credit Suisse Group lifted their price target on shares of Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Daiwa Capital Markets began coverage on Bank of America in a report on Wednesday, January 6th. They issued a “neutral” rating and a $31.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. Bank of America currently has an average rating of “Buy” and an average target price of $33.13.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.04. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company 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 company earned $0.74 earnings per share. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 5th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, March 4th. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
Bank of America declared that its Board of Directors has authorized a share buyback program on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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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