Bank of America Co. (NYSE:BAC) Shares Acquired by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the first quarter, Holdings Channel.com reports. The fund owned 989,233 shares of the financial services provider’s stock after purchasing an additional 18,890 shares during the period. Bank of America makes up approximately 1.2% 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 $41,281,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $44.61 on Friday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The stock has a market cap of $336.00 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day moving average price of $41.32 and a 200 day moving average price of $43.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America’s dividend payout ratio is currently 30.95%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Royal Bank of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Evercore ISI dropped their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.69.

About Bank of America

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.