NorthCrest Asset Manangement LLC Sells 12,746 Shares of Bank of America Corporation $BAC

Key Points

• NorthCrest Asset Management LLC reduced its stake in Bank of America by 1.3% during Q2, owning approximately $47.78 million worth of shares, making it the firm’s 12th largest position.
• In recent insider trading, James P. Demare sold 148,391 shares of Bank of America for approximately $6.76 million, representing a 39.91% decrease in his ownership.
• Bank of America has announced a $40 billion share buyback plan and increased its quarterly dividend from $0.26 to $0.28, boosting the annualized yield to 2.2%.

NorthCrest Asset Manangement LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 976,487 shares of the financial services provider's stock after selling 12,746 shares during the quarter. Bank of America comprises 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 $47,780,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the last quarter. Deutsche Bank AG lifted its holdings in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi lifted its holdings in shares of Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, National Pension Service lifted its holdings in shares of Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider's stock worth $541,250,000 after acquiring an additional 300,944 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. HSBC lowered shares of Bank of America from a "buy" rating to a "hold" rating and upped their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Citigroup raised their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.82.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Up 0.3%

NYSE:BAC traded up $0.14 during mid-day trading on Friday, reaching $52.27. The stock had a trading volume of 98,925,969 shares, compared to its average volume of 35,208,044. The business's 50 day moving average is $48.55 and its 200 day moving average is $44.53. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.66. The stock has a market cap of $387.16 billion, a P/E ratio of 15.28, a PEG ratio of 2.03 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period last year, the business earned $0.83 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 5th. Bank of America's dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

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.