Transce3nd LLC Lowers Stock Position in Bank of America Corporation (NYSE:BAC)

Transce3nd LLC decreased its position in Bank of America Corporation (NYSE:BAC) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,833 shares of the financial services provider’s stock after selling 759 shares during the quarter. Transce3nd LLC’s holdings in Bank of America were worth $951,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mystic Asset Management Inc. increased its stake in shares of Bank of America by 4.5% during the 1st quarter. Mystic Asset Management Inc. now owns 161,436 shares of the financial services provider’s stock valued at $6,737,000 after acquiring an additional 6,925 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its stake in Bank of America by 185.6% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 236,596 shares of the financial services provider’s stock worth $9,873,000 after acquiring an additional 153,749 shares in the last quarter. Forum Financial Management LP raised its stake in shares of Bank of America by 0.4% during the 1st quarter. Forum Financial Management LP now owns 104,507 shares of the financial services provider’s stock worth $4,361,000 after purchasing an additional 445 shares in the last quarter. Asset Advisors Investment Management LLC raised its stake in shares of Bank of America by 8.9% in the 1st quarter. Asset Advisors Investment Management LLC now owns 6,534 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 533 shares in the last quarter. Finally, Kingsview Wealth Management LLC grew its holdings in Bank of America by 1.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 116,060 shares of the financial services provider’s stock valued at $4,843,000 after buying an additional 2,080 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.4%

Shares of NYSE BAC opened at $47.21 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $355.57 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The company’s 50-day simple moving average is $45.42 and its 200-day simple moving average is $43.62. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.83 EPS. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.20%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Cfra Research upped their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Evercore ISI dropped their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.55.

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.