Bank of America Corp DE Sells 201,247 Shares of Resources Connection, Inc. (NASDAQ:RGP)

Bank of America Corp DE cut its stake in Resources Connection, Inc. (NASDAQ:RGP) by 76.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,186 shares of the company’s stock after selling 201,247 shares during the period. Bank of America Corp DE’s holdings in Resources Connection were worth $530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its position in Resources Connection by 58.4% in the fourth quarter. Ameriprise Financial Inc. now owns 343,820 shares of the company’s stock worth $2,933,000 after acquiring an additional 126,796 shares in the last quarter. AQR Capital Management LLC grew its position in Resources Connection by 10.4% in the fourth quarter. AQR Capital Management LLC now owns 632,039 shares of the company’s stock worth $5,391,000 after acquiring an additional 59,725 shares in the last quarter. Northern Trust Corp grew its position in Resources Connection by 7.7% in the fourth quarter. Northern Trust Corp now owns 304,397 shares of the company’s stock worth $2,597,000 after acquiring an additional 21,844 shares in the last quarter. Tudor Investment Corp ET AL grew its position in Resources Connection by 131.4% in the fourth quarter. Tudor Investment Corp ET AL now owns 117,175 shares of the company’s stock worth $1,000,000 after acquiring an additional 66,544 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Resources Connection by 17.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company’s stock worth $105,000 after acquiring an additional 1,863 shares in the last quarter. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut their target price on shares of Resources Connection from $9.50 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, April 3rd.

Insider Transactions at Resources Connection

In related news, Director David P. White sold 5,204 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $5.26, for a total transaction of $27,373.04. Following the completion of the sale, the director now owns 24,331 shares of the company’s stock, valued at $127,981.06. This trade represents a 17.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger D. Carlile purchased 25,000 shares of Resources Connection stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average cost of $5.06 per share, with a total value of $126,500.00. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $253,000. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 54,900 shares of company stock worth $279,295. Company insiders own 3.39% of the company’s stock.

Resources Connection Stock Up 2.6%

NASDAQ RGP opened at $5.46 on Wednesday. The company has a 50-day simple moving average of $5.37 and a two-hundred day simple moving average of $7.04. Resources Connection, Inc. has a 12-month low of $4.81 and a 12-month high of $12.19. The firm has a market cap of $180.56 million, a price-to-earnings ratio of -2.94 and a beta of 0.64.

Resources Connection Dividend Announcement

The company also recently announced a dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, June 23rd will be issued a dividend of $0.07 per share. The ex-dividend date is Monday, June 23rd. Resources Connection’s dividend payout ratio is currently -8.54%.

Resources Connection Company Profile

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.