Transcend Capital Advisors LLC Has $2.41 Million Stake in Bank of America Co. (NYSE:BAC)

Transcend Capital Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 10.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,899 shares of the financial services provider’s stock after selling 9,980 shares during the period. Transcend Capital Advisors LLC’s holdings in Bank of America were worth $2,407,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Spears Abacus Advisors LLC boosted its holdings in Bank of America by 0.6% during the 4th quarter. Spears Abacus Advisors LLC now owns 49,224 shares of the financial services provider’s stock valued at $1,630,000 after acquiring an additional 300 shares during the period. Fort Sheridan Advisors LLC increased its stake in shares of Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the period. Zullo Investment Group Inc. raised its stake in Bank of America by 2.4% in the fourth quarter. Zullo Investment Group Inc. now owns 14,220 shares of the financial services provider’s stock worth $471,000 after buying an additional 334 shares in the last quarter. Fort Point Capital Partners LLC raised its stake in Bank of America by 2.2% in the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after buying an additional 336 shares in the last quarter. Finally, Pasadena Private Wealth LLC lifted its position in shares of Bank of America by 1.0% during the first quarter. Pasadena Private Wealth LLC now owns 34,797 shares of the financial services provider’s stock valued at $995,000 after buying an additional 341 shares during the last quarter. Institutional investors own 68.06% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the sale, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Dean C. Athanasia sold 77,806 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the transaction, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. HSBC assumed coverage on Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 price objective for the company. Piper Sandler lowered their price target on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a report on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a research report on Tuesday, September 12th. Morgan Stanley upped their price objective on Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Finally, StockNews.com started coverage on Bank of America in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $35.98.

Bank of America Trading Down 0.6 %

NYSE BAC traded down $0.17 on Tuesday, reaching $28.59. 20,068,196 shares of the company were exchanged, compared to its average volume of 49,018,617. The business’s fifty day moving average price is $29.98 and its 200 day moving average price is $29.22. Bank of America Co. has a fifty-two week low of $26.32 and a fifty-two week high of $38.60. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $227.19 billion, a P/E ratio of 8.20, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank of America had a net margin of 19.97% and a return on equity of 12.01%. The business had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter in the prior year, the company posted $0.73 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.41 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.24 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a yield of 3.36%. Bank of America’s payout ratio is presently 27.59%.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.