Duality Advisers LP Sells 139,544 Shares of Bank of America Co. (NYSE:BAC)

Duality Advisers LP reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 81.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,615 shares of the financial services provider’s stock after selling 139,544 shares during the quarter. Duality Advisers LP’s holdings in Bank of America were worth $1,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Joel Isaacson & Co. LLC lifted its holdings in shares of Bank of America by 0.3% during the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock valued at $4,115,000 after purchasing an additional 294 shares in the last quarter. CKW Financial Group lifted its holdings in shares of Bank of America by 1.5% during the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock valued at $753,000 after purchasing an additional 300 shares in the last quarter. Rossmore Private Capital lifted its holdings in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares in the last quarter. Chemistry Wealth Management LLC lifted its holdings in shares of Bank of America by 0.3% during the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday. Finally, Oppenheimer upped their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $40.41.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.21 during mid-day trading on Friday, reaching $41.60. The company’s stock had a trading volume of 31,325,777 shares, compared to its average volume of 38,185,613. The firm has a market capitalization of $325.33 billion, a PE ratio of 14.46, a P/E/G ratio of 1.59 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a fifty day moving average of $39.51 and a two-hundred day moving average of $36.56. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $41.92.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

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.