Crestwood Advisors Group LLC Has $24.50 Million Stake in Bank of America Corporation $BAC

Crestwood Advisors Group LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 0.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 517,737 shares of the financial services provider’s stock after acquiring an additional 1,319 shares during the period. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $24,499,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. increased its position in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC increased its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $287,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $53.56 on Wednesday. The firm has a 50 day simple moving average of $51.18 and a 200 day simple moving average of $47.31. The firm has a market cap of $396.68 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.00. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Barclays raised their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Wolfe Research raised their price target on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Evercore ISI raised their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.59.

Bank of America 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.