Transcend Capital Advisors LLC Sells 6,968 Shares of Bank of America Co. (NYSE:BAC)

Transcend Capital Advisors LLC cut its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 10.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,440 shares of the financial services provider's stock after selling 6,968 shares during the period. Transcend Capital Advisors LLC's holdings in Bank of America were worth $2,700,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Collier Financial acquired a new position in Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% during the 4th 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 last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the 4th quarter valued at $42,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BAC shares. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Piper Sandler reduced 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. UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and increased their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Trading Down 1.1 %

NYSE:BAC traded down $0.51 during mid-day trading on Friday, hitting $44.80. 43,472,525 shares of the company's stock were exchanged, compared to its average volume of 35,078,777. The company has a 50 day simple moving average of $45.77 and a 200-day simple moving average of $43.27. The firm has a market capitalization of $343.71 billion, a P/E ratio of 13.91, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $33.37 and a fifty-two week high of $48.08. 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 (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America's dividend payout ratio (DPR) is 32.30%.

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.