Transcend Capital Advisors LLC Purchases 7,545 Shares of Bank of America Corporation (NYSE:BAC)

Transcend Capital Advisors LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 12.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,985 shares of the financial services provider’s stock after acquiring an additional 7,545 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Bank of America were worth $2,879,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America in the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System lifted its stake in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Gradient Investments LLC lifted its stake in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH lifted its stake in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $47.51 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The business has a fifty day simple moving average of $43.12 and a 200 day simple moving average of $43.34. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market capitalization of $357.83 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America’s payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Royal Bank Of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.56.

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.