Crestwood Advisors Group LLC Sells 12,309 Shares of Bank of America Corporation (NYSE:BAC)

Crestwood Advisors Group LLC lessened its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 516,418 shares of the financial services provider's stock after selling 12,309 shares during the quarter. Crestwood Advisors Group LLC's holdings in Bank of America were worth $21,550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gradient Investments LLC lifted its position in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Bank of America by 13.7% during the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after buying an additional 753,880 shares in the last quarter. Employees Retirement System of Texas lifted its holdings in Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after buying an additional 17,880 shares in the last quarter. Prosperity Wealth Management Inc. bought a new stake in Bank of America during the 1st quarter valued at about $998,000. Finally, Alpha Cubed Investments LLC grew its position in shares of Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Oppenheimer lowered their price objective on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.15 during trading hours on Monday, reaching $47.47. 32,077,399 shares of the stock traded hands, compared to its average volume of 40,468,681. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a market capitalization of $357.50 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The company's 50-day simple moving average is $45.53 and its two-hundred day simple moving average is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the business posted $0.83 earnings per share. The company's revenue for the quarter was up 4.3% 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Bank of America Company 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.