Triad Wealth Partners LLC Raises Position in Bank of America Corporation $BAC

Key Points

• Triad Wealth Partners LLC increased its holdings in Bank of America by 195.4%, owning 31,340 shares valued at $1,308,000 after buying an additional 20,729 shares.
• Bank of America announced a $40 billion stock buyback plan, allowing the firm to reacquire up to 11.1% of its stock, typically indicating that the company considers its shares undervalued.
• The quarterly dividend was raised from $0.26 to $0.28 per share, reflecting a 2.2% yield and a 30.41% payout ratio, with the dividend payable on September 26th.

Triad Wealth Partners LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 195.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,340 shares of the financial services provider's stock after acquiring an additional 20,729 shares during the quarter. Triad Wealth Partners LLC's holdings in Bank of America were worth $1,308,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Redwood Investment Management LLC acquired a new stake in Bank of America during the 1st quarter worth approximately $459,000. Epoch Investment Partners Inc. lifted its holdings in Bank of America by 0.4% during the 1st quarter. Epoch Investment Partners Inc. now owns 2,137,852 shares of the financial services provider's stock worth $89,213,000 after purchasing an additional 8,154 shares during the last quarter. Harvest Portfolios Group Inc. lifted its holdings in Bank of America by 9.9% during the 1st quarter. Harvest Portfolios Group Inc. now owns 153,088 shares of the financial services provider's stock worth $6,388,000 after purchasing an additional 13,752 shares during the last quarter. Bank of Hawaii acquired a new stake in Bank of America during the 1st quarter worth approximately $544,000. Finally, Old West Investment Management LLC lifted its holdings in Bank of America by 232.9% during the 1st quarter. Old West Investment Management LLC now owns 71,334 shares of the financial services provider's stock worth $2,977,000 after purchasing an additional 49,908 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company's stock.

Bank of America Price Performance

BAC stock traded up $0.27 during midday trading on Friday, reaching $50.76. 32,491,463 shares of the stock were exchanged, compared to its average volume of 34,794,552. The stock has a market capitalization of $375.98 billion, a PE ratio of 14.84, a P/E/G ratio of 1.96 and a beta of 1.31. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a fifty day moving average price of $47.61 and a 200 day moving average price of $43.97.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America's dividend payout ratio (DPR) is currently 30.41%.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Truist Financial lifted their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and lifted their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $50.13.

Bank of America 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.