Cresset Asset Management LLC Has $52.26 Million Stake in Bank of America Corporation $BAC

Key Points

• Cresset Asset Management LLC has decreased its stake in Bank of America by 1.5%, selling 18,977 shares, bringing their total holdings to 1,252,315 shares valued at approximately $52.26 million.
• Bank of America recently declared a quarterly dividend increase to $0.28 per share, marking a 7.7% rise from the previous dividend, with a dividend yield of 2.4%.
• Various analysts have differing views on Bank of America, with one suggesting a hold rating, while another has raised its price target from $50 to $54, reflecting mixed expectations for the stock's performance.

Cresset Asset Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,252,315 shares of the financial services provider's stock after selling 18,977 shares during the period. Cresset Asset Management LLC's holdings in Bank of America were worth $52,259,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Gradient Investments LLC raised its position in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the period. Prosperity Wealth Management Inc. bought a new position in shares of Bank of America during the first quarter valued at about $998,000. Alpha Cubed Investments LLC boosted its position in Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after purchasing an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock valued at $9,951,000 after acquiring an additional 150,299 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Oppenheimer lifted their price target on Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and boosted their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Phillip Securities downgraded Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Finally, Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.13.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.30% of the stock is owned by insiders.

Bank of America Stock Up 2.1%

Shares of NYSE BAC traded up $0.98 during midday trading on Monday, hitting $47.92. 43,112,339 shares of the company's stock were exchanged, compared to its average volume of 32,425,626. The firm's fifty day simple moving average is $46.69 and its 200-day simple moving average is $43.75. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $354.94 billion, a PE ratio of 14.01, a P/E/G ratio of 1.82 and a beta of 1.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.83 earnings per share. Research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Bank of America declared that its board has initiated a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

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.