Crestwood Advisors Group LLC raised its position in Bank of America Co. (NYSE:BAC) by 9.0% in the 4th 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 purchasing an additional 142,261 shares during the quarter. Bank of America accounts for about 1.7% of Crestwood Advisors Group LLC’s holdings, making the stock its 10th biggest holding. 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 have also recently made changes to their positions in the company. Clark Financial Advisors bought a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. JJJ Advisors Inc. boosted its holdings in Bank of America by 259.2% in the fourth quarter. JJJ Advisors Inc. now owns 1,049 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 757 shares during the last quarter. Clean Yield Group raised its holdings in Bank of America by 90.9% during the 4th quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Phoenix Wealth Advisors acquired a new position in shares of Bank of America in the 4th quarter worth approximately $32,000. Finally, Founders Capital Management bought a new stake in shares of Bank of America in the 4th quarter valued at $33,000. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on BAC. Piper Sandler boosted their target price on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, January 11th. Morgan Stanley upped their target price on Bank of America from $34.00 to $36.00 and gave the company an “underweight” rating in a research report on Wednesday, January 20th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of America from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, January 6th. Royal Bank of Canada increased their price target on Bank of America from $28.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Finally, Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $33.13.
Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, January 19th. The financial services provider reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company had revenue of $20.10 billion during the quarter, compared to the consensus estimate of $20.76 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 1.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 5th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 4th. This represents a $0.72 annualized dividend and a yield of 2.03%. Bank of America’s dividend payout ratio (DPR) is 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 outstanding 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 a sign that the company’s board believes its shares are undervalued.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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