Bank of America Corporation $BAC Shares Sold by Crestwood Advisors Group LLC

Crestwood Advisors Group LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 5.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 487,551 shares of the financial services provider’s stock after selling 30,186 shares during the period. Crestwood Advisors Group LLC’s holdings in Bank of America were worth $25,153,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of America during the 2nd quarter worth $5,091,641,000. Arrowstreet Capital Limited Partnership increased its holdings in Bank of America by 124.8% during 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 in the last quarter. ABN AMRO Bank N.V. purchased a new position in Bank of America during the 2nd quarter valued at about $202,439,000. OMERS ADMINISTRATION Corp raised its position in Bank of America by 881.5% during the second quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock worth $199,236,000 after acquiring an additional 3,781,417 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Bank of America by 96.5% in the second quarter. LSV Asset Management now owns 6,882,719 shares of the financial services provider’s stock valued at $325,690,000 after purchasing an additional 3,379,335 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. HSBC raised their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Morgan Stanley dropped their price target on Bank of America from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Phillip Securities boosted their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Piper Sandler increased their price objective on Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, January 15th. Finally, Barclays lifted their price objective on Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Price Performance

Shares of NYSE:BAC opened at $52.53 on Tuesday. The company has a market cap of $383.59 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. The business has a fifty day simple moving average of $54.40 and a 200-day simple moving average of $52.11. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $57.55. 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 (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company earned $0.82 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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

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.