RNC Capital Management LLC Sells 6,776 Shares of Bank of America Co. (NYSE:BAC)

RNC Capital Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 7.3% during the fourth quarter, Holdings Channel reports. 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 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Hoxton Planning & Management LLC lifted its stake in shares of Bank of America by 6.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 6,427 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 402 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its stake in Bank of America by 22.6% during the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 9,564 shares of the financial services provider’s stock worth $380,000 after buying an additional 1,761 shares during the period. Daymark Wealth Partners LLC raised its stake in Bank of America by 10.2% during the 3rd quarter. Daymark Wealth Partners LLC now owns 55,528 shares of the financial services provider’s stock worth $2,203,000 after buying an additional 5,152 shares during the period. Abner Herrman & Brock LLC raised its stake in Bank of America by 4.5% during the 3rd quarter. Abner Herrman & Brock LLC now owns 396,662 shares of the financial services provider’s stock worth $15,740,000 after buying an additional 16,909 shares during the period. Finally, Hexagon Capital Partners LLC raised its stake in Bank of America by 6.3% during the 3rd quarter. Hexagon Capital Partners LLC now owns 59,056 shares of the financial services provider’s stock worth $2,343,000 after buying an additional 3,503 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Finally, Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Get Our Latest Analysis on Bank of America

Bank of America Stock Up 1.3 %

BAC stock opened at $47.74 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business’s fifty day moving average price is $45.78 and its two-hundred day moving average price is $42.85. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a market capitalization of $366.33 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the firm earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. Bank of America’s payout ratio is 32.30%.

About Bank of America

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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