Tyler Stone Wealth Management Grows Holdings in Bank of America Corporation (NYSE:BAC)

Key Points

• Tyler Stone Wealth Management increased its stake in Bank of America Corporation by 20.3% during the first quarter, owning 66,597 shares valued at approximately $2.8 million.
• Bank of America recently announced a dividend increase to $0.28 per share, up from $0.26, resulting in a 2.4% yield and a dividend payout ratio of 32.75%.
• The company also initiated a $40 billion stock repurchase program, allowing for the buyback of up to 11.1% of its shares, indicating confidence in the stock's value.

Tyler Stone Wealth Management grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 20.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,597 shares of the financial services provider's stock after buying an additional 11,254 shares during the period. Tyler Stone Wealth Management's holdings in Bank of America were worth $2,779,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Vega Investment Solutions purchased a new stake in shares of Bank of America in the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the 4th quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new stake in Bank of America during the 4th quarter valued at $34,000. Wood Tarver Financial Group LLC purchased a new stake in Bank of America during the 4th quarter valued at $38,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in Bank of America during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 1.7%

Shares of NYSE BAC opened at $46.91 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31. The stock has a market cap of $347.46 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.85 and a beta of 1.31. The firm has a 50-day moving average of $46.69 and a 200 day moving average of $43.79. 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 issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period last year, the company posted $0.83 EPS. Bank of America's revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.4%. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio is presently 32.75%.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BAC shares. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Oppenheimer increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.13.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.