RNC Capital Management LLC Sells 964,117 Shares of Bank of America Co. (NYSE:BAC)

RNC Capital Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 89.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new position in shares of Bank of America in the third quarter valued at $25,000. Castleview Partners LLC bought a new position in shares of Bank of America in the first quarter valued at $28,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners bought a new position in shares of Bank of America during the fourth quarter valued at about $39,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Oppenheimer dropped their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Barclays raised 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 report on Tuesday, January 2nd. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, The Goldman Sachs Group raised their price objective on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.65.

Bank of America Trading Up 2.0 %

Shares of Bank of America stock opened at $37.83 on Thursday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.85. The firm has a market cap of $298.50 billion, a PE ratio of 12.32, a PEG ratio of 1.70 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50 day simple moving average of $34.35 and a two-hundred day simple moving average of $31.26.

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

Bank of America Dividend Announcement

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

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.