RNC Capital Management LLC Trims Stock Holdings in Bank of America Corporation $BAC

RNC Capital Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 0.8% during the 2nd quarter, Holdings Channel reports. The fund owned 81,975 shares of the financial services provider’s stock after selling 640 shares during the period. RNC Capital Management LLC’s holdings in Bank of America were worth $3,879,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boston Common Asset Management LLC lifted its position 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 buying an additional 24,740 shares during the period. Disciplined Investments LLC purchased a new position in Bank of America during the second quarter worth about $217,000. Nicholas Hoffman & Company LLC. lifted its position 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 buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC lifted its position 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 buying an additional 439 shares during the period. Finally, CCG Wealth Management LLC purchased a new position in Bank of America during the second quarter worth about $287,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Bank of America Price Performance

BAC 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. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm has a market cap of $378.09 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The stock has a 50-day simple moving average of $50.38 and a 200-day simple moving average of $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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada increased their target price 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. JPMorgan Chase & Co. increased their target price on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. Morgan Stanley upped their price target on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Finally, Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

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.