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

Triad Wealth Partners LLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 195.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,340 shares of the financial services provider’s stock after purchasing an additional 20,729 shares during the period. Triad Wealth Partners LLC’s holdings in Bank of America were worth $1,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Bank of New York Mellon Corp increased its holdings in Bank of America by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after buying an additional 803,570 shares during the last quarter. Deutsche Bank AG increased its holdings in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Bank of America by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock valued at $1,981,816,000 after buying an additional 5,092,504 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Bank of America by 31.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after buying an additional 9,258,040 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction 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 company insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.23 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a fifty day moving average price of $47.28 and a 200 day moving average price of $43.87. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $50.26. The firm has a market cap of $372.02 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 1.92 and a beta of 1.31.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate 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 business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business earned $0.83 earnings per share. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

A number of analysts have commented on BAC shares. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Phillip Securities lowered shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. Oppenheimer upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 30th. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Finally, Citigroup upped their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.13.

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.