NorthCrest Asset Manangement LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

NorthCrest Asset Manangement LLC raised its stake in Bank of America Co. (NYSE:BAC - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 970,343 shares of the financial services provider's stock after purchasing an additional 17,544 shares during the period. Bank of America accounts for approximately 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 $42,647,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after acquiring an additional 217 shares during the period. Avalon Trust Co raised its stake in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC raised its stake in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares during the period. Keudell Morrison Wealth Management raised its stake in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Consolidated Planning Corp grew its holdings in Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after buying an additional 226 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.10 during trading on Friday, hitting $44.14. 66,528,527 shares of the company's stock traded hands, compared to its average volume of 39,868,402. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The business has a 50-day simple moving average of $40.46 and a 200-day simple moving average of $43.56. The stock has a market capitalization of $332.46 billion, a P/E ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America's dividend payout ratio is currently 30.95%.

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.