Bank of America Co. (NYSE:BAC) Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,669 shares of the financial services provider’s stock after selling 6,776 shares during the quarter. RNC Capital Management LLC’s holdings in Bank of America were worth $3,765,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Accent Capital Management LLC boosted its position in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments raised its stake in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Clarendon Private LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $798,000. Finally, Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 1.3 %

Bank of America stock opened at $47.74 on Friday. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The stock has a market cap of $366.33 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. The business has a 50 day moving average price of $45.78 and a two-hundred day moving average price of $42.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the company posted $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.