NorthCrest Asset Manangement LLC Sells 37,521 Shares of Bank of America Co. (NYSE:BAC)

NorthCrest Asset Manangement LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 952,799 shares of the financial services provider’s stock after selling 37,521 shares during the period. Bank of America accounts for approximately 1.1% of NorthCrest Asset Manangement LLC’s holdings, making the stock its 14th largest position. NorthCrest Asset Manangement LLC’s holdings in Bank of America were worth $37,807,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. AMF Tjanstepension AB raised its stake in Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares during the period. Swedbank AB acquired a new stake in Bank of America during the 1st quarter valued at $261,923,000. 1832 Asset Management L.P. increased its holdings in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the completion of the transaction, the insider now owns 948,077,805 shares of the company’s stock, valued at $38,520,401,217.15. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,336,839 shares of company stock valued at $5,049,968,704 over the last 90 days. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.8 %

NYSE BAC traded down $0.76 on Friday, reaching $41.89. The company had a trading volume of 27,466,909 shares, compared to its average volume of 38,639,859. The firm has a market cap of $325.05 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The business has a 50 day moving average of $40.24 and a two-hundred day moving average of $39.58.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Jefferies Financial Group boosted their target price on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.