Bank of America Corporation (NYSE:BAC) Shares Purchased by Transcend Capital Advisors LLC

Transcend Capital Advisors LLC lifted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 12.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,985 shares of the financial services provider's stock after purchasing an additional 7,545 shares during the period. Transcend Capital Advisors LLC's holdings in Bank of America were worth $2,879,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of 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 worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System increased its stake in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after buying an additional 10,377 shares in the last quarter. Gradient Investments LLC raised its holdings in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after acquiring an additional 50,296 shares during the period. Finally, Keybank National Association OH lifted its position in shares of 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 acquiring an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC traded down $0.35 during midday trading on Friday, hitting $47.11. The company's stock had a trading volume of 56,663,548 shares, compared to its average volume of 39,933,104. The firm has a market cap of $354.85 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.27 and a beta of 1.30. The firm's 50 day moving average is $43.12 and its 200-day moving average is $43.34. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 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 analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Royal Bank Of Canada reduced 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 research report on Wednesday, April 16th. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a report on Friday. Finally, Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

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.