Triad Wealth Partners LLC Sells 19,671 Shares of Bank of America Corporation $BAC

Key Points

• Triad Wealth Partners LLC reduced its stake in Bank of America by 62.8%, selling 19,671 shares during Q2, resulting in a total of 11,669 shares valued at $552,000.
• Bank of America announced a $40 billion share buyback program, allowing the company to repurchase up to 11.1% of its stock, indicating confidence in its valuation.
• The bank has increased its quarterly dividend to $0.28 per share, up from $0.26, representing an annualized yield of 2.2% with a dividend payout ratio of 32.75%.

Triad Wealth Partners LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 62.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,669 shares of the financial services provider's stock after selling 19,671 shares during the quarter. Triad Wealth Partners LLC's holdings in Bank of America were worth $552,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. CenterStar Asset Management LLC purchased a new stake in Bank of America in the second quarter worth $289,000. Jmac Enterprises LLC increased its stake in Bank of America by 20.1% in the second quarter. Jmac Enterprises LLC now owns 19,740 shares of the financial services provider's stock worth $934,000 after purchasing an additional 3,303 shares during the period. Cornell Pochily Investment Advisors Inc. purchased a new stake in Bank of America in the second quarter worth $242,000. Patriot Financial Group Insurance Agency LLC increased its stake in Bank of America by 9.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 64,073 shares of the financial services provider's stock worth $3,032,000 after purchasing an additional 5,453 shares during the period. Finally, J. Safra Sarasin Holding AG increased its stake in Bank of America by 54.2% in the second quarter. J. Safra Sarasin Holding AG now owns 38,655 shares of the financial services provider's stock worth $1,829,000 after purchasing an additional 13,585 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 0.5%

Shares of NYSE BAC opened at $50.44 on Friday. 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 stock has a market capitalization of $373.57 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The business has a fifty day moving average price of $49.33 and a 200 day moving average price of $45.19.

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 firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 EPS. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were 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 was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is currently 32.75%.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. The Goldman Sachs Group set a $55.00 target price on Bank of America in a research note on Tuesday. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Royal Bank Of Canada increased their target price on Bank of America from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday. Citigroup upped their target price on Bank of America from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Finally, Phillip Securities cut Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.88.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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