Bank of America Corp DE Buys Shares of 1,274,694 Thomson Reuters Corp $TRI

Key Points

• Bank of America purchased 1,274,694 Thomson Reuters shares worth approximately $104.1 million, representing 0.29% of the company. Institutional investors and hedge funds collectively own 17.31% of TRI.
• Thomson Reuters shares were down 5.1%, opening at $94.39, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $131.57.
• The company exceeded quarterly expectations with adjusted EPS of $0.99 versus the $0.96 consensus and revenue of $1.93 billion, up 9.5% year over year. Thomson Reuters also pays a quarterly dividend of $0.655, equivalent to an annualized yield of about 2.8%.

Bank of America Corp DE purchased a new position in shares of Thomson Reuters Corp (NASDAQ:TRI - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,274,694 shares of the company's stock, valued at approximately $104,104,000. Bank of America Corp DE owned 0.29% of Thomson Reuters at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Thomson Reuters by 1.3% during the first quarter. PNC Financial Services Group Inc. now owns 9,834 shares of the company's stock worth $885,000 after acquiring an additional 130 shares during the period. Kestra Advisory Services LLC grew its stake in Thomson Reuters by 1.4% during the 1st quarter. Kestra Advisory Services LLC now owns 9,682 shares of the company's stock worth $871,000 after purchasing an additional 134 shares in the last quarter. Griffin Asset Management Inc. increased its holdings in Thomson Reuters by 1.4% during the 1st quarter. Griffin Asset Management Inc. now owns 12,646 shares of the company's stock worth $1,138,000 after purchasing an additional 175 shares during the period. Hillsdale Investment Management Inc. raised its position in Thomson Reuters by 25.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 907 shares of the company's stock valued at $82,000 after purchasing an additional 183 shares in the last quarter. Finally, Manchester Capital Management LLC raised its position in Thomson Reuters by 25.3% in the 4th quarter. Manchester Capital Management LLC now owns 921 shares of the company's stock valued at $121,000 after purchasing an additional 186 shares in the last quarter. Institutional investors and hedge funds own 17.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Weiss Ratings raised Thomson Reuters from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, August 24th. Canaccord Genuity Group reduced their target price on shares of Thomson Reuters from $134.00 to $132.50 and set a "buy" rating on the stock in a report on Thursday, August 6th. Royal Bank Of Canada lifted their price target on shares of Thomson Reuters from $121.00 to $124.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Wells Fargo & Company set a $85.00 price target on shares of Thomson Reuters and gave the stock an "equal weight" rating in a report on Tuesday, June 30th. Finally, Scotiabank reissued a "sector outperform" rating and issued a $135.00 price objective on shares of Thomson Reuters in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Thomson Reuters presently has a consensus rating of "Moderate Buy" and an average target price of $131.57.

Thomson Reuters Stock Down 5.1%

TRI opened at $94.39 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.51 and a quick ratio of 0.51. Thomson Reuters Corp has a 12 month low of $76.28 and a 12 month high of $164.30. The stock has a market capitalization of $40.89 billion, a P/E ratio of 25.13, a P/E/G ratio of 1.91 and a beta of 0.74. The business has a 50 day simple moving average of $100.82 and a 200-day simple moving average of $93.74.

Thomson Reuters (NASDAQ:TRI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.03. The firm had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.89 billion. Thomson Reuters had a return on equity of 15.82% and a net margin of 21.22%.Thomson Reuters's revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.87 earnings per share. On average, equities analysts anticipate that Thomson Reuters Corp will post 4.48 earnings per share for the current fiscal year.

Thomson Reuters Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were issued a $0.655 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.62 dividend on an annualized basis and a yield of 2.8%. Thomson Reuters's dividend payout ratio (DPR) is 69.68%.

Thomson Reuters Profile

Thomson Reuters Corporation is a global provider of information, software, and technology solutions for professionals and institutions. Its products and services support legal professionals, corporations, tax and accounting firms, governments, and media organizations, helping customers manage regulatory requirements, research information, analyze data, and improve workflow efficiency.

The company's offerings include legal research and practice-management solutions, tax and accounting software, corporate compliance and risk-management tools, and products designed for government and regulatory users.

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