Transcend Capital Advisors LLC Purchases 2,350 Shares of Bank of America Co. (NYSE:BAC)

Transcend Capital Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the fourth quarter, Holdings Channel reports. The firm owned 64,102 shares of the financial services provider’s stock after acquiring an additional 2,350 shares during the period. Transcend Capital Advisors LLC’s holdings in Bank of America were worth $2,158,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the third quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new stake in Bank of America in the fourth quarter worth about $32,000. Glass Jacobson Investment Advisors llc raised its position in 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 worth $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC raised its position in 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 worth $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC raised its position in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Finally, Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.08 during trading on Friday, hitting $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a 50-day moving average of $36.13 and a 200-day moving average of $32.76. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

About Bank of America

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.