Bank of America Corporation $BAC Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,975 shares of the financial services provider’s stock after selling 640 shares during the quarter. RNC Capital Management LLC’s holdings in Bank of America were worth $3,879,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC lifted its stake in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Disciplined Investments LLC purchased a new stake in Bank of America during the second quarter worth approximately $217,000. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC lifted its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in Bank of America during the second quarter worth approximately $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.9%

Bank of America stock opened at $51.05 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $378.09 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock’s fifty day moving average is $50.38 and its two-hundred day moving average is $46.08.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have commented on BAC. Royal Bank Of Canada lifted their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Piper Sandler lifted their price target on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Finally, Citigroup boosted their target price on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.23.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

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.