NorthCrest Asset Manangement LLC Sells 363 Shares of Bank of America Co. (NYSE:BAC)

NorthCrest Asset Manangement LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 0.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 952,436 shares of the financial services provider’s stock after selling 363 shares during the quarter. Bank of America comprises about 1.3% of NorthCrest Asset Manangement LLC’s portfolio, making the stock its 12th biggest holding. NorthCrest Asset Manangement LLC’s holdings in Bank of America were worth $41,860,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Baker Tilly Wealth Management LLC lifted its stake in Bank of America by 3.2% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 18,611 shares of the financial services provider’s stock worth $818,000 after purchasing an additional 572 shares during the last quarter. Range Financial Group LLC bought a new stake in shares of Bank of America during the 4th quarter worth $385,000. Spartan Planning & Wealth Management acquired a new stake in Bank of America in the fourth quarter valued at about $671,000. Regent Peak Wealth Advisors LLC grew its position in Bank of America by 10.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after acquiring an additional 1,116 shares during the last quarter. Finally, Diversified Trust Co raised its stake in Bank of America by 29.7% during the fourth quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock worth $9,242,000 after acquiring an additional 48,209 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 2.9 %

BAC stock traded down $1.36 during trading on Friday, reaching $44.85. The stock had a trading volume of 14,867,254 shares, compared to its average volume of 29,175,863. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $344.13 billion, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.55 and a beta of 1.33. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company’s 50 day moving average is $45.46 and its two-hundred day moving average is $42.15.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BAC shares. Truist Financial started coverage on Bank of America in a research report on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.