9,626 Shares in Bank of America Corporation $BAC Bought by Triton Wealth Management PLLC

Triton Wealth Management PLLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel.com reports. The firm bought 9,626 shares of the financial services provider’s stock, valued at approximately $466,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% during the second 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 during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter worth about $28,000. CGC Financial Services LLC grew its holdings in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America during the second quarter worth about $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter worth about $40,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $50.04 on Wednesday. The stock has a market capitalization of $370.62 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock’s 50 day moving average price is $49.76 and its two-hundred day moving average price is $45.62. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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 company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 EPS. On average, equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors 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 purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership 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 given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change 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%. Bank of America’s payout ratio is currently 32.75%.

Insider Buying and Selling at Bank of America

In other 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 $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. HSBC upped their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Wolfe Research boosted their price objective on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada boosted their price objective on 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, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus 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.