Triton Wealth Management PLLC Purchases New Position in Bank of America Corporation $BAC

Key Points

• Triton Wealth Management PLLC has acquired a new stake in Bank of America Corporation, purchasing 9,626 shares valued at approximately $466,000 during the second quarter.
• Bank of America announced a share buyback program authorizing the repurchase of $40 billion in outstanding shares, indicating the board's belief that the stock is undervalued.
• The company also raised its quarterly dividend to $0.28 per share, an increase from the previous $0.26, reflecting positive financial performance.

Triton Wealth Management PLLC purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 9,626 shares of the financial services provider's stock, valued at approximately $466,000.

A number of other hedge funds have also modified their holdings of the company. Wealth Advisory Solutions LLC raised its position in shares of Bank of America by 4.4% in the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider's stock valued at $243,000 after acquiring an additional 214 shares during the period. Cyndeo Wealth Partners LLC increased its stake in Bank of America by 0.8% during the 2nd quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider's stock worth $1,344,000 after purchasing an additional 221 shares in the last quarter. Centurion Wealth Management LLC increased its stake in Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider's stock worth $467,000 after purchasing an additional 225 shares in the last quarter. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Finally, Cape Investment Advisory Inc. increased its stake in Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock worth $524,000 after purchasing an additional 238 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 2.4%

Shares of Bank of America stock opened at $50.04 on Wednesday. The business has a fifty day simple moving average of $49.76 and a two-hundred day simple moving average of $45.62. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a market capitalization of $370.62 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 1.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm posted $0.83 EPS. The company's quarterly revenue was up 4.3% on a year-over-year basis. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America's payout ratio is 32.75%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of Bank of America 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 owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BAC shares. JPMorgan Chase & Co. increased their target price on Bank of America from $51.00 to $55.00 and gave the stock an "overweight" rating in a research note on Friday, October 10th. Wolfe Research increased their target price on Bank of America from $57.00 to $58.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 7th. TD Cowen raised their price target on shares of Bank of America from $54.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Royal Bank Of Canada raised their target price on shares of Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. Finally, Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, October 8th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $54.64.

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.

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