NorthCrest Asset Manangement LLC Has $47.78 Million Stake in Bank of America Corporation $BAC

NorthCrest Asset Manangement LLC trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 976,487 shares of the financial services provider’s stock after selling 12,746 shares during the period. Bank of America makes up about 1.3% of NorthCrest Asset Manangement LLC’s investment portfolio, making the stock its 12th biggest position. NorthCrest Asset Manangement LLC’s holdings in Bank of America were worth $47,780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Community Trust & Investment Co. lifted its position in shares of Bank of America by 3.4% during the second quarter. Community Trust & Investment Co. now owns 7,975 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 265 shares in the last quarter. Bath Savings Trust Co bought a new stake in Bank of America during the 2nd quarter worth about $203,000. Mn Services Vermogensbeheer B.V. increased its stake in shares of Bank of America by 2.6% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 1,386,000 shares of the financial services provider’s stock valued at $65,586,000 after acquiring an additional 34,800 shares during the last quarter. High Net Worth Advisory Group LLC increased its stake in shares of Bank of America by 4.0% in the 2nd quarter. High Net Worth Advisory Group LLC now owns 16,913 shares of the financial services provider’s stock valued at $800,000 after acquiring an additional 650 shares during the last quarter. Finally, Wedmont Private Capital increased its stake in shares of Bank of America by 2.2% in the 2nd quarter. Wedmont Private Capital now owns 66,386 shares of the financial services provider’s stock valued at $3,110,000 after acquiring an additional 1,419 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, June 23rd. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. HSBC lowered Bank of America from a “buy” rating to a “hold” rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Monday, July 7th. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $50.61.

Bank of America Stock Up 1.4%

BAC stock opened at $51.36 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $51.63. The stock has a market capitalization of $380.42 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 1.97 and a beta of 1.34. The business’s fifty day moving average price is $48.33 and its two-hundred day moving average price is $44.40.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the business earned $0.83 earnings per share. Bank of America’s revenue was up 4.3% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a $0.28 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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.