RNC Capital Management LLC Has $3.90 Million Position in Bank of America Co. (NYSE:BAC)

RNC Capital Management LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 89.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 115,676 shares of the financial services provider’s stock after selling 964,117 shares during the period. RNC Capital Management LLC’s holdings in Bank of America were worth $3,895,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Buckingham Strategic Partners increased its stake in Bank of America by 23.7% in the 2nd quarter. Buckingham Strategic Partners now owns 54,963 shares of the financial services provider’s stock valued at $1,577,000 after buying an additional 10,535 shares during the last quarter. Goodman Advisory Group LLC increased its stake in Bank of America by 104,312.4% in the 2nd quarter. Goodman Advisory Group LLC now owns 194,207 shares of the financial services provider’s stock valued at $5,572,000 after buying an additional 194,021 shares during the last quarter. Schechter Investment Advisors LLC increased its stake in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Eastern Bank increased its stake in shares of Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after purchasing an additional 93,375 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC raised its holdings in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upped their target price on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Finally, Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.65.

Bank of America Stock Performance

NYSE BAC opened at $37.83 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38. The firm’s 50 day simple moving average is $34.35 and its 200 day simple moving average is $31.26. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.85.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.85 EPS. As a group, research analysts expect that Bank of America Co. will post 3.11 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

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.