NorthCrest Asset Manangement LLC Sells 363 Shares of Bank of America Co. (NYSE:BAC)

NorthCrest Asset Manangement LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 0.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 952,436 shares of the financial services provider’s stock after selling 363 shares during the quarter. Bank of America accounts for about 1.3% of NorthCrest Asset Manangement LLC’s investment portfolio, making the stock its 12th largest position. NorthCrest Asset Manangement LLC’s holdings in Bank of America were worth $41,860,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Qsemble Capital Management LP purchased a new position in Bank of America in the second quarter worth $1,668,000. Lansing Street Advisors increased its position in shares of Bank of America by 2.0% during the 2nd quarter. Lansing Street Advisors now owns 23,066 shares of the financial services provider’s stock valued at $917,000 after purchasing an additional 456 shares during the last quarter. Vest Financial LLC raised its holdings in shares of Bank of America by 11.4% during the 2nd quarter. Vest Financial LLC now owns 562,249 shares of the financial services provider’s stock valued at $22,361,000 after buying an additional 57,426 shares in the last quarter. D Orazio & Associates Inc. purchased a new position in shares of Bank of America during the 2nd quarter valued at about $237,000. Finally, Ullmann Wealth Partners Group LLC lifted its position in Bank of America by 1.4% in the 2nd quarter. Ullmann Wealth Partners Group LLC now owns 31,599 shares of the financial services provider’s stock worth $1,257,000 after buying an additional 440 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 2.9 %

Shares of Bank of America stock traded down $1.36 on Friday, reaching $44.85. The company’s stock had a trading volume of 14,867,254 shares, compared to its average volume of 29,175,863. The company has a market capitalization of $344.13 billion, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The firm’s fifty day simple moving average is $45.46 and its two-hundred day simple moving average is $42.15.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.