Dupont Capital Management Corp Sells 56,738 Shares of Bank of America Corporation $BAC

Dupont Capital Management Corp trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 16.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 293,285 shares of the financial services provider’s stock after selling 56,738 shares during the period. Bank of America comprises about 1.6% of Dupont Capital Management Corp’s investment portfolio, making the stock its 14th largest holding. Dupont Capital Management Corp’s holdings in Bank of America were worth $15,131,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Nova Wealth Management Inc. raised its holdings 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 buying an additional 227 shares during the period. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America during the second quarter worth $28,000. Steph & Co. lifted its position in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares in the last quarter. Finally, CGC Financial Services LLC boosted its stake in Bank of America by 585.4% in the 2nd 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 period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Thursday, October 30th. Wells Fargo & Company lifted their target price on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Truist Financial boosted their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Barclays upped their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, UBS Group boosted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.59.

Bank of America Stock Performance

Shares of BAC stock opened at $54.98 on Friday. The company has a fifty day moving average price of $53.73 and a two-hundred day moving average price of $50.51. Bank of America Corporation has a one year low of $33.06 and a one year high of $56.54. The stock has a market cap of $401.49 billion, a P/E ratio of 14.98 and a beta of 1.29. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the firm earned $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.