Transcend Capital Advisors LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Transcend Capital Advisors LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 10.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,440 shares of the financial services provider’s stock after selling 6,968 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Bank of America were worth $2,700,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BAC. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc lifted its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the fourth quarter worth $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.5 %

Shares of BAC stock opened at $45.31 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $33.17 and a twelve month high of $48.08. The stock has a 50 day moving average of $45.77 and a 200 day moving average of $43.27. The stock has a market cap of $347.62 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company 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.