NorthCrest Asset Manangement LLC Has $41.28 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

NorthCrest Asset Manangement LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 1.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 989,233 shares of the financial services provider's stock after acquiring an additional 18,890 shares during the quarter. Bank of America accounts for about 1.2% of NorthCrest Asset Manangement LLC's investment portfolio, making the stock its 12th largest holding. NorthCrest Asset Manangement LLC's holdings in Bank of America were worth $41,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors lifted its stake in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Amundi boosted its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.59 during mid-day trading on Friday, hitting $44.04. 43,276,878 shares of the stock were exchanged, compared to its average volume of 39,751,425. The company has a market cap of $331.67 billion, a P/E ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock's fifty day simple moving average is $41.50 and its two-hundred day simple moving average is $43.42.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations 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 fiscal year.

Bank of America Dividend Announcement

The firm 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 $0.26 dividend. 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 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. The Goldman Sachs Group upped their price target on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods cut their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.69.

Bank of America 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.