Woodline Partners LP Invests $17.62 Million in Bank of America Co. (NYSE:BAC)

Woodline Partners LP acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The fund acquired 400,886 shares of the financial services provider’s stock, valued at approximately $17,619,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth about $25,000. Collier Financial bought a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America in the 4th quarter valued at about $34,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BAC. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Argus dropped their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Down 3.3%

Shares of BAC stock opened at $43.21 on Thursday. The company has a 50 day moving average of $40.27 and a 200-day moving average of $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $325.43 billion, a P/E ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is 30.95%.

About Bank of America

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.