Crestwood Advisors Group LLC Cuts Holdings in Bank of America Corporation $BAC

Crestwood Advisors Group LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 5.8% during the third quarter, Holdings Channel.com reports. The fund owned 487,551 shares of the financial services provider’s stock after selling 30,186 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $25,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after purchasing an additional 403,652 shares during the period. Norges Bank acquired a new position in Bank of America during the second quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC increased its position in shares of Bank of America by 5.2% in the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after acquiring an additional 2,557,943 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after acquiring an additional 9,782,208 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Bank of America by 5.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,438,466 shares of the financial services provider’s stock valued at $899,650,000 after acquiring an additional 875,514 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.53 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The business has a 50 day moving average price of $54.40 and a two-hundred day moving average price of $52.11. The firm has a market cap of $383.59 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.28 and a beta of 1.29.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

Analysts Set New Price Targets

Several analysts recently issued reports on BAC shares. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Saturday. HSBC upped their target price on Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Friday, February 6th. Royal Bank Of Canada raised their target price on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. JPMorgan Chase & Co. boosted their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Finally, Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.30.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.