Transce3nd LLC Buys Shares of 23,592 Bank of America Co. (NYSE:BAC)

Transce3nd LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 23,592 shares of the financial services provider's stock, valued at approximately $1,038,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the period. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors lifted its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider's stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Bank of America by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Cfra Research boosted their price objective on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Finally, Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given 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 $47.43.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.79 during trading hours on Thursday, hitting $39.54. 26,682,715 shares of the company's stock traded hands, compared to its average volume of 39,049,631. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company's fifty day simple moving average is $40.77 and its two-hundred day simple moving average is $43.56. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a market cap of $300.58 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. Bank of America's dividend payout ratio is currently 30.95%.

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.