Crestwood Advisors Group LLC raised its position in Bank of America Corp (NYSE:BAC) by 0.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 880,614 shares of the financial services provider’s stock after buying an additional 4,064 shares during the quarter. Bank of America accounts for 1.9% of Crestwood Advisors Group LLC’s holdings, making the stock its 17th biggest holding. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $22,315,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Burt Wealth Advisors lifted its position in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 4,294 shares during the period. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $115,000. HWG Holdings LP bought a new stake in shares of Bank of America during the 3rd quarter valued at $116,000. Finally, Bristlecone Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $128,000. 69.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corp (NYSE BAC) opened at $31.12 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67. The firm has a market capitalization of $312,013.81, a price-to-earnings ratio of 20.08, a P/E/G ratio of 1.54 and a beta of 1.41.
Bank of America announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s dividend payout ratio is currently 30.97%.
A number of analysts have recently weighed in on the company. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley upped their target price on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Royal Bank of Canada upped their target price on Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Vetr downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.49 target price for the company. in a research report on Friday, January 19th. Finally, Vining Sparks reiterated a “buy” rating and set a $34.00 target price on shares of Bank of America in a research report on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $29.99.
Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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